Gambling and betting: is there a difference?

I don’t want to sound professional by way of definitions here, but just to give as graphic a picture as possible of how the two keywords, gambling and betting, relate to each other in the world of sports.

Gambling generally refers to an activity in which money or something of material value is set aside for two parties to predict the outcome of an event and the one whose prediction matches the outcome takes the bet. The outcome of the event is evident in a short period of time. Gambling takes many forms, including lottery, casino, and any other similar game that leaves the winner getting extra money or something of greater value.

Betting is a contract usually between two parties, where it is agreed that either party will lose money or something of material value if that party makes an incorrect prediction about an uncertain outcome. The exact money or its value is known and, in most cases, it is provided before the result of the prediction.

Is there really any difference between these two terms? Although most of the time we use the terms game and bet interchangeably, I personally see a slight difference. I view betting as a subset of gambling, as the latter is a general term that does not connote any legality to go to court in a pinch.

Betting is most commonly found on various sports activities, including the NBA, MLB, and NFL. People are really making a regular income from betting and you’ll be glad you did.