Betting and Gambling – Their Difference

People over the world have found gambling and betting to be a great source of relaxing activities for gamblers over the long run. There are types of gambling and betting standards in which some of the online casino sites are offering to their players.

Gambling, or betting as its other term, is a famous action because of the inclusion of unknown results and some risks. This is the reason why most number of people love it the most. As much as its advantages are concerned, gambling is such distinct. As we go along, let us see how these two differ.

The Definition of Betting

To point out directly, investigating, foreseeing, and assessing possible results are actions involve in betting. In terms of analysis, betting is the analysis of the numerous events that are going to occur.

Various Types of Betting

Multiple betting is one of major type of betting. And, under its umbrella are the following sub-category:

  • Money-line bets
  • Over or under bets
  • Parlay bets
  • Spread bets

The Definition of Gambling

Wagering money in a certain event is known as gambling. The result here is actually unknown. Gambling is basically in relation with probabilities and results that are also unknown until the game is played. Primarily, to winning money is the goal of gambling. .

Various Types of Gambling

Just like betting, the types of gambling are the following:

  • Lotteries
  • Number games like Lotto and Keno
  • Sports betting
  • Poker
  • Other card games like Blackjack and Baccarat
  • Table games like Roulette
  • Electronic gaming machine

The Increasing Status of Illegal Sports Betting

The legal market for sports betting is actually growing as of these days. But, on the contrary, the illegality of it is also on the rise. Based on the recent UN report, legal sports betting also finds several ways to be included in the black market. The report shows that this illegal sports betting practice is mostly used for the purpose of money laundering.

In an estimation, illegal sports bets already sum up to an amount of $1.7 trillion on an annual basis. The Drugs and Crime Division of the United Nations found out that this has been used by some crime groups. This is to work on their money laundering business.

Compared to legal sports betting, this black market is generally high. In the year 2020, there is about $40 billion checked in amount for the legal sports bets. Well, this is too far from the annual increase in the illegal aspects of sports betting.

In details…

One study of the American Gaming Association conducted last 2020 reveals that there are around 52% US bettors for illegal sports gambling. And annually, money laundering comes through sports betting that sums to a total of $140 billion. Moreover, in the global aspect of sports betting, this illegal act is performed by almost 80% of gamblers according to the Asian Racing Federation.