Introduction to Betting
Gambling is generally the wagering some thing of worth on an unpredictable event with the intention of winning something more than anything else of equivalent value. Gambling therefore requires three components for it to be complete: risk, consideration, and a reward. If a player places a bet without considering all three factors, the game would be considered as a form of gambling. As for risk, this can mean many things like possibility of getting hit or losing something very large, chances of getting lucky, the possibility of something happening which will occur at a specific time in the future, and so on.
Considering, on the other hand, refers to how an individual views an event. This can also be regarded as “the outlook”, as it is what gives one a “view” of the game in question. In simple terms, it is a matter of weighing up the probability of an occurrence against the value of that occurrence. The likelihood is something which is very subjective and may change depending on the circumstances of the game. The value, on the other hand, is something concrete which is indicative of the odds of a certain set of results given a certain input or scenario.
Gambling is normally done via betting, which means that the two terms are used synonymously. Bets, as mentioned above, are bets made by bettors. They are usually placed on the team or individual that they think will have the greater likelihood of winning. The spread, however, is what separates bettors from the mainstream punters and is usually what makes them different from each other. The spread, which is an average of the odds for each team or individual in the game, is what causes bettors to exchange bets of different amounts, with the difference being the point spread, which is what punters pay to bet on a game.