Betting and gambling-Know the differences

The Differences Between Betting and gambling

The majority of players still believe that betting and gambling is the same thing. Even though the two activities are intrinsically linked, the two disciplines vary in their approach and the activities within each are directly linked to stats and payoffs.

Getting To Know Core Functions

Seasoned veterans will understand the single core concept behind both betting and gambling. The two disciplines are nearly identical, what separates the two is knowledge and experience. The practice of wagering on events or outcomes has long been a favourite pastime in the history of humanity.

A Wagering Account

The earliest evidence of gambling and betting can be traced back to Ancient China, 2300 B.C. Unearthed findings of the remains of tiles, which could be directly linked to a game of chance.

Fast track forward to Ancient Rome in 500 B.C and discover the first writings of dice objects by the famous Greek poet, Sophocles. Other famous wagering moments include Baccarat, which was prevalent in Italy and France during the 1400’s. Baccarat is one of the longest standing games still played in modern casinos today. The game migrated from Italy to France during the 1400’s.

Some of the world’s earliest gambling houses, closely representing the modern equivalent of casinos popped up in Italy during the 17th Century. One-armed bandits, otherwise known as the precursor to the modern slot first appeared in New York in 1891.

1994 started a revolution within the online gaming realm, Microgaming, considered the Godfather of online casino software, pioneered a new frontier for the gaming industry. In today’s modern world, Las Vegas is a dream destination with countless entertainment sectors on offer 24/7.

More interesting than that though is the new realm of gaming. The new and completely portable way to consume gaming experiences occupies the palm of your hand. Smart devices have positioned the mobile market as the fastest growing newcomer. With rapid advances in technology and operating systems, the mobile market is slowly capturing the majority market share of betting and gambling.

Betting

Betting escalates in the sense that a particular player may have a defined ideal. This means that each player placing a bet has a built up expectation about the perceived outcome. So betting is then the practice of laying wagers on an outcome or event with some formulated knowledge of the outcome.

Betting involves laying wagers, which is essentially gambling, yet the wagers are laid on a theorised outcome to a specific event. By betting on the outcome players participate in a preconceived idea about the event.

Gambling

Gambling is a game of chance. Players opting for casino games such as slots, where the entire outcome is dependant on luck and probability, players are said to be gambling. Within gambling there are only two possible outcomes a win or a loss. The practice of gambling does not require any skill; chance is all that gambling really is.

With gambling players cannot tackle stats or public opinion. Rather the outcome is defined as a 50/50 chance of the win or loss. Betting however allows for more formulated gambling. Players opting for betting for example in sports bets already have a certain amount of knowledge about the event.

With this in mind, players from Canada seeking betting events will ideally have knowledge and a certain amount of expertise about the event itself, before attempting to lay wagers on the event.