Sports Betting And Gambling. What’s The Difference?
Mankind has a long and winding history with gambling and betting. Whether it’s the outcome of a race or placing a wager on which colour the ball will land on, human beings since time immemorial have always had a fascination for playing with the odds of fate.
Although sports betting, playing casino games and gambling definitely all feature on the playing field, there are differences between them. To better understand the particular characteristics of each, we need to get to know the definition of each.
Definition of Sports Betting
Sports betting is the activity that is based on predicting the outcome of a sports match or race and placing a wager on the result. The person who is placing the bet is called a sports bettor. You may have heard of the term “bookie”, this is also known as a bookmaker.
Sports bettors place their wager through a bookmaker or a sportsbook. The term “sportsbook” refers to the book that wage-brokers use to keep track of wagers, debts and pay outs. Today, sportsbooks have outgrown their paper bindings and moved to the digital landscape, and you’ll find the majority of sportsbooks online.
If you’re wondering what type of sports you can bet on, the answer is practically anything! As long as the online sportsbook or NZ betting sites are appropriately registered and operated legally within the confines of the laws of your country- you can make a wager on any sport starting from American Football all the way to volleyball.
Definition of Gambling
Gambling is the activity in which a person makes a wager, usually of money or something of value, on a game or event that has an uncertain outcome. The aim is to accurately predict the end result and win the money. This thrill and anticipation of waiting for the preferred result and possibility of walking away with extra money in your pockets is what keeps players of chance coming back for more.
Gambling and playing casino games are synonymous with each other. They both require three things to be present, namely consideration, chance and a pay out or prize.
Whether it’s the spin of the roulette wheel, a roll of the dice or the outcome of a high-stakes poker game, it’s all about whether you’ve made a wager on the right outcome of the game.
Differences between sports betting and gambling:
- Gambling is often used as a blanket term to describe the activity of making a bet or placing a wager on a particular outcome of an event, with the intent of making money.
- Betting is a term coined to validate the activity of gambling. As gambling can be seen as problematic in certain instances, the term is not always viewed upon favourably, while betting is commonly accepted in most societies.
- The laws that regulate gambling in terms of casino games and sports betting usually differ from each other. Governments craft and enforce specific legislation for gambling and sports betting separately, with most countries having separate regulating entities for each.