Gambling and betting sound the same, and to the outside world, they are. There seems barely a difference between someone who plays poker and someone who wagers on the outcome of a sporting event. But there is a big one. This difference answers the ‘betting vs. gambling’ debate that has plagued the igaming world for years. Below, we explore the nuances between betting and gambling, sportsbooks, and online casinos.
What Is Betting?
Let’s start by saying that betting and gambling aren’t entirely different. Betting is a form of gambling. However, with the rise of sportsbooks and sports betting platforms like the Betway sports app, betting has become distinct from gambling.
When people talk about betting today, they’re referring to putting down money on the presumed outcome of a sporting match. An example of a bet is a money line on a Manchester UTD vs. Arsenal game or a point spread on an upcoming tennis match.
What Is Gambling?
Gambling is any activity in which you place money on the presumed outcome of a game. When we talk about gambling today, we usually refer to casino games like slots, poker, and blackjack and their online variants.
Gambling is often considered a game of luck because there’s no way to manipulate the outcome of games of chance like lotteries, slots, roulette, and craps. However, some games of skill that require strategy exist in gambling, such as poker and blackjack.
Is Betting Gambling?
As far as linguists are concerned, betting and gambling are synonymous. However, there are clear differences in the real world, especially in how governments regulate both activities. In the US, sports betting is legal in over 39 states. Online casino gambling, on the other hand, is only legal in 7 states and either explicitly illegal or exists in a legal grey area in the rest of the country.
Betting is also often considered a game of skill, more so than gambling, because you use data and knowledge of games and players to place bets. However, since there’s no sure way to determine a match’s outcome either, some luck is involved, hence betting’s relationship to gambling.
Do You Gamble And Bet At The Same Place?
No, and that’s the big difference between betting and gambling.
You place sports bets through a sportsbook. In the world of online gambling, this is a virtual bookmaker that lists out games and their odds. A sportsbook presents matches to you as betting markets. You enter a betting market by picking a game, deciding the type of bet to place, and depositing a bet amount into your betting account.
To gamble, on the other hand, you go to an online casino. This is a virtual repository of all your favorite games, such as poker and blackjack. The fundamentals are the same¾you: you deposit money into your casino account to place a wager. However, in an online casino, you play the game to determine the outcome of your wager.
What Is The Future Of Betting And Gambling?
Very bright and very intertwined. Despite their differences, betting and gambling thrive on the same innovations and technology. Think AR, VR, cloud gaming, and cryptocurrency. They also share stakeholders. Top providers like Betway run both sportsbooks and online casinos, offering the best of both worlds. Because of this, whether you like to test your skills at a poker table or stake your lunch money on Mbappe’s left kick, your future is assured.
