Online Casinos & Sports Betting: What’s the Difference?

November 30, 2022 World Sports

Numerous people try their luck at gambling every day, with hundreds of thousands wagering on online casinos and sports. To the uninitiated, they seem to be the same: you risk some money in the hopes of gaining some back if you win. But the truth is a little more nuanced than that.

Although there are some similarities, there are also key distinctions between online casinos and sports betting that you should be aware of. Here is a brief review of the key distinctions between online casinos and sports betting to help you better understand the two.

Definitions

In sports betting, a bettor makes a prediction about the outcome of a sporting event and then places a wager on that prediction. Worldwide, the great majority of wagers are put on soccer, American football, basketball, baseball, hockey, track cycling, car racing, mixed martial arts, and boxing. Non-athletic activities, such as reality show competitions and political elections, and non-human contests, like horse racing, greyhound racing, and cockfighting, are also fair game for sports betting. A “bookie” is an individual or organization that accepts bets from sports bettors. The “book” refers to the records kept by wage brokers of all bets, payments, and owed money.

On the other hand, online casinos provide similar games and services as their brick-and-mortar counterparts. Bettors may play and bet on casino games from the comfort of their own homes or anywhere else. Some internet gambling establishments advertise far greater payout rates for their slot machine games, while some even post audits of their slot machine payout rates for anyone to see. Table games like blackjack have a known house advantage as long as the online casino uses a properly developed random number generator. Payout rates for these games are predetermined by the rules of play.

How Do They Differ?

When playing at an online casino, your success will rely mostly on chance. There are games at casinos that depend only on luck, such as slot machines, and others that slightly need skill and strategy, such as poker. Nonetheless, winning in these games majorly depends on good fortune rather than on expertise in the game.

Bets on sporting events, on the other hand, need knowledge and familiarity. If you want to win money betting on sports, you need to educate yourself thoroughly on the teams, players, and events you want to wager on. There is still an element of chance in sports betting, but it’s far less than it is in casino games.

Furthermore, the odds are computed differently in online casinos compared to sports betting. The odds on each game in an online casino are predetermined. As a result, you’ll be aware of your potential gains and losses before you even place a bet.

Conversely, chances on sports wagers are dynamic and often shift. Teams’ records, weather, and injuries all play a role.

How Do These Two Fare?

In terms of long-term winning, online casinos are game-specific. Slot machines, for instance, have a very large house advantage, so in the long term, you will have a lower chance of winning. Playing games of skill, like blackjack or poker, may significantly improve your chances of winning, albeit how much so will depend on your skill level, particularly in poker, where you’ll be up against other people.

On the other hand, if you’re skilled at sports betting, you can make a lot of money over time. This is due to the fact that doing research and making educated guesses are the bedrock of successful sports betting.