The Subtle Difference Between Gambling and Betting
Okay, so what is the difference between gambling and betting?
All gambling involves betting.
But not all betting is gambling.
These words are often used interchangeably. Though gambling and betting seem to be the same, there are subtle differences between the two activities.
In this post, we will take a look at:
The Difference Between Gambling and Betting
Gambling is a game of chance purely built on a personal desire to win.
Examples of gambling includes:
buying a lottery ticket (you don’t know what numbers will come up)
choosing red/black on roulette (you don’t know where the ball will land),
selecting a winning horse (you don’t know who is going to cross the finish line first).
Betting on the other hand is defined as predicting the outcome of a future event and placing ‘a wager’ on that outcome. It is a simple attempt to win money by carefully predicting the outcome of an abetted event.
Betting is a simple attempt to win money by carefully predicting the outcome of an abetted event.
Examples of betting includes:
putting a certain amount on a certain outcome with a bookmaker,
buying stock in a company that you think will become more valuable
the act of committing money to be held pending an outcome (where if it happens, you get paid, and if it doesn’t, you lose your bet)
Yes, Betting is considered to be a form of Gambling but the KEY difference between the two activities is that with gambling – ‘the stakes’ or ‘the wager’ is placed on an event without any basis of the outcomes, whereas in betting the stakes are placed, based on at least an idea or the performance about the said betting event.
So, if the outcome is certain (or close to certain), then your bet is hardly a “gamble”
Let’s say from research and historical data, you know that a team has scored over 2 goals in their last 7 games and they are playing against a team that also scores goals as well or maybe even a team that is on a loosing streak.
If you place a bet on predicting that the particular fixture will have more than 1 or 2 goals, it’s not a gamble (or not as much of a gamble) in this case, because the outcome is either a lot more certain, or completely certain.
It may look like it’s gambling. But to those who know what they are doing, and who can exploit information and data inefficiencies, it’s not gambling at all.
People who are unfamiliar with data-driven betting think that it is random or a gamble and cannot be predicted.
In reality, especially with sports betting, it can be modelled and treated as a business – something that cannot be done with gambling.
Is Sport Betting Gambling?
All betting is a form of gambling.
However, through data-driven strategies, sport betting can be coordinated in such a way that risk is minimised while winning potential is maximised.
So, in a nutshell – Gamblers rely on luck.
Sport bettors make sure they have an edge.
Smart sport bettors place bet based on data, stats and trends and this helps them make well-informed decisions.
Sport betting requires skill and you can become very skilled at it. But its a skill that you acquire through time and experience.
It becomes a job where discipline and control is the integral ingredient -not necessarily the outcome of the event.
Notice how I said “it becomes a job”, that is becomes sport betting can be treated as a business where consistent profit is made.
Is it Possible to Profit from Sports Betting?
The simple answer is Yes!
Smart sport bettors do make profits and newbies who spend time building their skills can also become profitable.
However, the main reason why sports betting has a bad rep and sometimes placed in the same boat as gambling is because majority of people treat it like gambling where they rely solely on luck rather rather than placing well informed bets, so they constantly lose!
Making use of tools such FootyAmigo.com for example is another way of giving yourself tremendous edge when you place bets.
You can click here to read how Footy Amigo helps thousands of sport bettors win more Pre-Match and In-Play betting.
Gambling and Betting are always put in the same boat but I hope this post has shared some light on the differences.
The goal of this post is not to only shed light on their differences but to also point punters and sport bettors towards the direction of betting smart and placing bets based on well-informed decisions rather than just relying on luck like gamblers do.