What Are the Different Types of Gambling?
If you’re new to gambling, you may not be aware that not all games of chance are built the same way. Yes, it is easier to win some gambling games than others.
As such, different forms of gambling have been identified, namely:
So, what’s the difference between these two forms of gambling?
We explore both ideas below by looking at the mechanics involved in games that fall under both categories.
Chance-based gambling refers to forms of betting where you have no control over the result. No matter what you do, you practically always have the same chance of winning.
Examples of chance-based gambling include:
If you read most how to play guides for these games, each title’s randomness will be emphasized. For example, the only way to increase your chance of winning in either lottery or bingo games is to buy more tickets.
The issue is that your odds of winning increase so marginally, it’s almost as if you didn’t increase them at all. (Imagine buying two Mega Millions lottery tickets and think that you’re going to win.)
Skill-based gambling refers to forms of betting where the strategy you use can affect the outcome. The element of chance is not entirely removed, but you influence results, even if only slightly.
Examples of skill-based gambling games include:
In poker, if you’re good at bluffing, you could influence other players to stay or fold, which could mean more winnings for you. Thus, your skills at bluffing are instrumental to the outcome of a hand.
In blackjack, using basic strategy will influence whether or not you walk away with a profit because you are more likely to know when to surrender. Your odds of winning are further increased if you decide to count cards too.
It is unsurprising sports betting is considered skill-based because this is a form of gambling where you can do the most research. Although games don’t always follow the narrative they should on paper, analyzing stats can give you some good insights on how it could go.
Which Type of Gambling is Better?
Whichever type makes you happy, of course!
At the end of the day, you will never remove the element of chance in a gambling game unless you are cheating. So, even if you are playing a skill-based game like blackjack, you should always play with the idea you will lose.
This may not be what your parents and sports coaches taught you when you were growing up, but it is a necessary lesson in gambling. If you play with money you think is already lost, you won’t be disappointed when you lose it. You are less likely to spend more than you can afford.
So, play the games that you have fun with. Just know that you have no control over the flow of chance-based games. So, losing a previous game never means that you are more likely to win the next one.