Whether one gambles in an online casino, bets on sports using a bookmaker, or even plays some cards unofficially with friends, the principle is almost the same: risking a certain amount of money in hopes of getting a bigger profit. Some occasional players enjoy the activity from time to time, and some professionals take it more seriously. However, there are a few core concepts that pertain to betting that every gambler should always know about, since a lack of understanding in regards to these terms may lead to losing a small fortune instead of winning.
Among such cores notions we can count:
1 – Legality of Gambling
In general, gambling is defined as:
“The betting or staking something of value, knowing that there is a risk of losing and having a hope for gain on the outcome of a game, contest or any other uncertain event.”
One of the major aspects of what constitutes gambling is the skill expression involved. What is generally referred to as “gambling” is either completely up to luck or has minimal skill involved. Roulette and blackjack can be examples of these games, respectively. Some jurisdictions will also make the legal distinction of “social gambling” separate from other forms. Social gambling is when no one except the people engaged in the bet makes any money, so there is no house, dealer, or guarantor involved. Knowing the laws of the jurisdiction you reside in when it comes to gambling may save you from trouble or even benefit you in the future.
2 – Pathological Gambling
Also known as “problem gambling” or even “compulsive gambling”, this term refers to an addiction similar to any other. While substance addictions like alcohol and drugs are much more serious in comparison, a process addiction like this can also have major effects on any person. People with this condition are known to continue making bets even if their gambling is leading them to negative economical, mental, or even physical consequences.
As this problem became more and more prevalent, most gambling institutions and services like Bet365 Casino Bonus have started offering “self-exclusion” to any person who may wish for it. All one needs to do is contact the gambling provider and let them know that they wish to be banned from their services for a set amount of time. That way, they can limit the temptation to wager.
3 – Categorization of Gambling Games
There are many ways to categorize gambling games. Nevertheless, the easiest to understand is probably their cataloging by games that have some amount of skill involved versus the ones purely based on luck. Another way would be to split them based on the equipment used such as “card” games or “dice” games.
We have decided to categorize them a little bit differently.
• Casino Games: those where a “house” authority banks the games and provides an online or real venue for them to be played. Some examples are blackjack, craps, roulette, and slot machines, among others.
• Poker Games: Using the standard ranking of poker hands, these games are not banked by the house. Players play against each other, sometimes without even being in the same room as in the case of video poker online. Some poker-adjacent casino games may be confusing, however. Games like Ultimate Texas Hold’em are not poker games in the way we apply the term, as they have players pitted against the dealer.
• Sports Betting: While not truly considered a “game”, a large part of the betting industry is taken over by sports. Even many casinos will offer a sportsbook section at least. Sometimes the wagers don’t even need to be on sporting events; rather they may be on reality shows, awards, or even elections.
• Lottery Games: These are the games where players pick numbers and a lottery administrator draws numbers at random. As winners are decided based on how many of them match, these types of games are the perfect example of the ones based purely on luck. Bingo and keno are the main illustrations here.
4 – How Do Probabilities and Odds Work?
Probability is a way of measuring the chance of a certain outcome for an uncertain event.
“Odds” has two meanings: it can be a way of expressing the probability of an event or it can be the payout ratio for a wager. A first case is always a number between 0 and 1. If it’s 0, the event will not happen; if it’s 1, the event will happen. Anything in between can be expressed as a fraction, decimal, or percentage. One thing that should be kept in mind is that odds and probability are inversely proportional. This means that the event with lower odds always has a higher chance of occurring. A gambler must always keep in mind that high odds mean the chance of winning is relatively low. This is true both for casino games, like roulette, or for sports betting.
5 – The House Edge/ Margin
Gambling in a casino always imposes a mathematical disadvantage on the players. This is called the house edge. It is represented by payout odds always being lower than your odds of winning.
Gambling experts will often refer to the house edge as a percentage of your bet. For instance, if a slot has a house edge of 10%, players will lose 10$ on average for every 100$ bet placed. This is the main way of profit for a casino. Online casinos will often have comparatively less house edge compared to brick-and-mortar ones, as they have fewer expenses in general.
When it comes to the sports betting side of things, bookmakers impose a margin when they decide the odds for any given event. This is quite similar to the house edge and makes sure that the bookmakers always profit at the end of the day. Some bookmakers even advertise themselves as the ones with the “lowest margins”, which would make them theoretically the most lucrative ones for players. Another easy way to find these is to follow a sports betting academy.
Conclusion
All in all, gambling is a risky yet fun past-time that has as little or as big of an impact on one’s life as we allow it. A gambler will always benefit in the long run from making sure that they are informed as much as possible. While looking at an online offer from one of the best bookmakers and jumping in is fun, knowledge is power. Especially these basic concepts are some things every expert in the business will know and every newcomer should learn.
