Why Online Betting Is Not Gambling
Gambling is the act of placing stakes on the outcome of an event without any basis on the outcome of the said events with the sole intent of winning money. Gambling takes many forms from rolling dice and spinning roulette wheels to activities with longer time frames such as predicting the outcome of future sports events or even entire sports seasons.
Betting is an agreement between two parties where one makes a prediction generally on a sporting event and wins/loses money are based on this prediction. If the said party wins, the other party has to forfeit the wagered amounts as per the agreement and if the first party loses, the second party gets to keep the wagers.
Online betting is a method of gambling that is played using an electronic device such as mobile phones and computers via an internet connection. The most common things to bet on are sporting events such as football, horse racing or golf. While for others more traditional casino games and video slots are their preferred way to gamble. By definition, online betting and gambling seem almost similar so what makes online betting different from gambling? Here are some factors:
Skills / Expertise
In gambling the stakes are placed on an event without any basis of the outcomes, that is to say, everything depends on luck and no expertise or skills are required. When a dice is rolled, there is no way to correctly predict which face will be on top no matter how many times you have done it before, the outcome is completely unknown. Rolling the dice requires no human skill or prior knowledge. That can be said for most games played in the casino, but on sporting events, odds are worked out on the previous form so there is usually a clear favorite although they definitely do not win all the time and upsets are common.
Expertise generally comes in when betting on table games at online casinos. For those that know how to play Blackjack they will have a tried and tested formula to limit any losses, similar can be said when it comes to the ever popular poker with Texas Hold-Em the main game. Certain skills do play a part knowing when to bluff and when to fold is an art and can take years to master but will pay off in the long run.
When playing slots online there is no skill or expertise involved as each spin is randomly generated. We use SlotsAdviser to find out anything slot related because of their vast knowledge of online gaming.
Risks / losses
So as with any form of gambling, there is a risk to your bank balance. Gambling can be very addictive so care must be taken that you only play with what you can comfortably afford. It really should be only done for entertainment purposes and not a way to boost your lifestyle. There are those that bet literally pennies but you then have the other end of the scale where thousands are bet on the outcome of a game or spin of a card.
While gambling is illegal in many countries, there are those that are able to enjoy placing a bet on almost anything. These countries are increasingly becoming regulated, which is a good thing for us punters as you know they are legal to play which leads to fair play, better service by providers and most importantly help for those that take it a little too far and become addicted to gambling.
So, in the end, is betting online gambling? Well, there are those they say no when it comes to games of skills but overall your money is still on the line when it comes down to a game of chance.