It is a simple attempt to win money by carefully predicting the outcome of a betted event. Betting is defined as predicting the outcome of a future event and placing ‘a wager’ on that outcome. While, betting is a form gambling, it is slightly less risky and less uncertain than the former. Gambling has got nothing to do with human skills. Here, everything depends on luck or chance when placing the bet. Although, gambling has the inherent feeling of excitement in waiting for the outcomes to come true, it also has its risks. This involves placing or putting ‘a wager’ on an event, in the hopes of making more money and wining, if in case the preferred event takes place or becomes true. Gambling, in general, is defined as betting on any event with an uncertain outcome. Here, if the said party wins, then the other team has to forfeit the wagered amount as per agreement. On the other hand, the term ‘Betting’ is used to refer to agreement between two parties, where one party makes a prediction, and loses or wins money on the basis of those predictions.

The term ‘Gambling’ is generic that describes the activity of placing wages on particular outcomes, without any basis on the outcomes of the said events. Though, gambling and betting seem to be the same, they are subtle differences between the two addictive activities. The idea of easy money, being right and the excitement to win or lose over the outcome of the placed bet is what seems to have the people hooked to gambling and betting. For, man has always been interested in knowing the future, whether it is regarding life, sports, marriage and even the next day weather. And, these gambling and betting activities of humans have been going around since the ancient times. ‘The world is going to end in the year 2013! Want to bet?’, or ‘I bet, Australia is going to win the World Cup!’ or ‘I bet you to drink 10 glasses of milk!’ as one can see, these lines are often heard and made by people all around the world.

The main difference between the two activities is that in 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. Key difference: Betting is considered to be a form of gambling.

Is betting gambling