Betting or gambling is a way of risking money or valuables based on the outcome of a race, game, event etc. This involves the gambler to make a wager or stake something e.g. Money or valuables on the outcome of an event, on the chance that they will risk their stake to increase their initial stake and profit from the gamble.
There are millions of ways to gamble, people like to bet on the outcome of more or less anything as long as they can get someone to take the bet and offer them odds. Gambling games have been known to be around as far back as ancient civilisations, Islamic civilisations prohibit gambling but most nations choose to regulate it.
Nowadays Betting shops are found on most high streets, otherwise known as bookmakers or bookies, this is a licensed organisation or person who takes bets and depending on the outcome and the odds either pays out or gains the bet. Though regulated in the UK, you require a license to run a betting shop; you cannot collect debts from gambling through a UK court. Betting and online betting can be made on more or less anything if the bookmaker is prepared to offer the odds. In the UK for example you can place a bet on whether it will snow at Christmas, or on political elections or who will win “Big Brother”. Bookmakers operate by setting the odds in his favour, or by a point spread. This means the bookmaker will aim to guarantee a profit by getting an equal number of bets for each outcome, or if it’s the odds he’s offering will try and get the bets to reflect the odds and thus keeping a “balanced book”. If a bookmaker receives a high wager he can take off some of the risk by buying bets from other bookmakers. Normally the bookie does not try and make money from the bets but rather profits on the game regardless of the outcomes.
Casinos and online betting casinos are establishments that offer the chance to gamble your money on various in house games such as Poker, Roulette, and Black Jack etc, Casinos like betting shops are licensed establishments and are also regulated. All operate on the same principles, offering the player the risk of wagering their money, placing bets, on the hope that there bet will be successful and pay off. Bets are usually controlled in house at a casino establishment, with minimum and maximum limits being set, though sometimes a casino will accept bets out with these limits on negotiation.
Betting and online sports betting takes on many forms, Sports betting for example; betting on football games, horse races, grey hounds, boxing etc these bets tends to offer fixed odds. This type of betting is hugely popular and one of the most common forms of betting. Betting can mean a small wager risked for the opportunity to gain more money, sometimes as in the lotteries your small stake could make all your dreams come true, winning unimaginable amounts of money, money that you would never ever own in your life-time, this makes the small bet worthwhile, even just for the dream!
Most people will have at some point in their life made a bet, whether it be for monetary gain on purely personal gain, the temptation to risk is all part of the excitement. The buzz of winning far outweighs the losing of a small stake, that’s why people who normally don’t really do much gambling, would be inclined to use up the small change in their pocket & risk it for the excitement of winning. Betting when stakes are low and odds are high are too much temptation for the gambler, though usually the chances of small bets paying high dividends are millions to one. Being an avid football follower can enhance the excitement if you have bet on the game, making the game much more exciting with the thought of gaining from the result. Betting on an outcome adds to the excitement, sometimes a gambler will hit a winning streak making the temptation to gamble even more. Usually more times than not the gambler will lose the bet. Gamblers sometimes believe that if they keep playing eventually they will recover their losses, which is a myth, addicted gamblers can end up losing everything when their addiction spirals out of control, including relationships and personal belongings. Gamblers Anonymous is a controlled group set up to help individuals whose gambling addictions have become “out of control”.
Best Betting Policy
Best policy is when placing a bet, make sure you can afford this bet and that you can cover this bet. When betting always consider, how much this will benefit you, do not risk anything that you are not willing to lose. Take into consideration the odds and chances of winning, is it worth it?
Nowadays with the internet the temptation to gamble is huge as it brings the opportunity to gamble to the punters home, many sites offering free bets to start with just to bait the gambler into playing, also bonus bets which also entice the gambler to risk it. Betting on the outcome of reality TV shows e.g.
Big Brother is another huge temptation for the gambler, as the odds of winning e.g. start of at maybe 12/1 based on the number of entrants to the game, as the game progresses the odds change, lower odds offered on the favourite. The fact that you can enjoy watching these programmes anyway, adds to your own excitement if you have a bet riding on one of the contestants! Most bookies will accept bets on anything if there’s an outcome, bookies control the odds though and at the end of the day where betting is concerned it’s the bookies that are the overall winners as they collect, regardless of the outcome, win or lose they always take their percentage! So remember when you place a bet, no matter what the result, the bookies get their cut!