What is your role?
The first step in gambling is deciding what you want to wager on, which might be anything from a specific football club to win a match to purchasing a scratchcard. The wager you make is matched to the betting company’s ‘odds,’ which decide how much money you could win if you win – such as 5/1 or 2/1. The odds on scratchcards aren’t always evident.
The event itself – which could be a sports match or scratchcard play – is the next stage of gambling. The randomness of chance will play a role in the event’s outcome, at least in part. Nobody knows for sure how things will turn out.
The end result
If you win, you’ll get your money back plus any winnings, based on the odds. You can win varying amounts of money on scratchcards, but if you lose, you don’t receive your money back.
WHAT IS SPREAD BETTING AND HOW DOES IT WORK?
When you bet on fixed odds, you know exactly how much you stand to earn or lose before you place your wager. Instead of betting on whether a specific outcome in a sporting event will end up being above or below a’spread’ supplied by a betting firm, you bet on whether a certain outcome in a sporting event will end up being above or below a’spread’ offered by a betting firm. In football, for example, you may wager on the total amount of goals or corners scored during a game. Spread betting is particularly risky because you frequently bet on credit, and losing means you owe money to the betting operator.
Gaming in a social setting
Some of the social games available online may feature a game of chance for a prize and may entail the use of cards or dice, but they are not considered gambling under UK legislation. Most people only spend a little amount of money on social games, but they have the potential to lead to riskier gambling.
Betting on eSports
Professionals in eSports make money by competing online and in front of large crowds. In recent years, the eSports business has exploded, with an increasing number of people tuning in to see their favourite games, such as CS:GO, FIFA, League of Legends, and Fortnite, being played by some of the finest players on the planet. The global audience for eSports was 436 million in 2020, making it a very popular sport to bet on. Despite the fact that many fans are under the legal gambling age, one in every five eSports gamblers is between the ages of 18 and 24.