Pros and Cons of Betting

Betting has existed since time immemorial. There are records in even the holy books of people placing odds on one event or object against another. With the many forms of gambling, there is never a lack of opportunity to place a bet. From the horses racing to football matches, every competition has always provided an opportunity to gamble.

Over the last two decades, and with the invention and growth of technology, betting has grown immensely. Online sites exist in their thousands. From casinos that offer slots, table games, and poker, to sportsbooks that offer odds for matches scheduled to take place like, all these are the many forms of bets that has become very popular as more and more people get access to the internet.

Ban from Certain Countries

Even with the increasing popularity of betting, there are people that feel that gambling is not a good activity. It is for this reason that bets are banned and considered illegal in some states and countries. If you bet while in the said jurisdictions, chances are that you will be arrested for breaking the law. You will also be punished. In these territories, gambling is done illegally. This is, however, not the case for every country. Some allow for gambling, but they also give restrictions within which the gambling bodies should operate. It is mandatory for an establishment to register with the relevant body for a license. The establishment should also allow for regular auditing and adhere to the regulations provided.

Is Betting Right or Wrong?

This question has always brought about serious arguments amongst different people depending on their experience and understanding. While some people have no problem with betting and will do it every chance they get, others swear against it. Others would gamble, if the circumstances were right and, perhaps, do it once in a while. While there is no certain conclusion on whether it is a good practice or not, we will look at the advantages and disadvantages of the activity. This way, you will be left to make a conclusion based on your feelings and the points put forth in this discussion.

Pros of Betting

The following are the benefits of gambling

  •     Possibility of winning

Whether you enjoy gambling or not is often dependent on whether you get to win from the bets you played. The ultimate objective of betting is winning. And winning happens. In some cases like with casino games and lottery, winning is mostly a matter of chance depending on where the Random Number Generation system will land. In cases where bets are placed on games like soccer and horse racing, there is the study of the different teams, their previous records, their current form among other important factors that determine how well a team will play. These will help make an informed decision.

People are known to win millions in jackpots. Betting is a form of investment where your bankroll could triple in a matter of minutes. Sometimes, the amounts you receive can be in hundreds of the initial investment, your bankroll.

  •     Entertaining and Fun

How amazing is it to be able to multiply your bankroll and have fun while at it? Totally the opposite of the stocks market, don’t you think? Gambling is fun. From being able to play the slots and table games at the casino, to sitting cheek in hand watching as the team you placed your odds on works towards making you the newest millionaire in town. It is always exciting and entertaining. This is also true for games where you watch with friends and analyze the games.

  • Legalized Gambling is a Source of Revenue

The gambling industry pays taxes to the government under whose jurisdiction it lies. With the number of people gambling, the revenue collected from this industry is at 47.11 billion US dollars. These numbers are expected to grow to 59.79 according to Statica. This revenue has been beneficial in improving infrastructure as well as funding other governmental projects.

  • Betting is a Source of Employment

Thousands of people earn a living from the betting industry. From game experts to software developers and customer care representatives who are the point of contact with the players. Thousands of others are employed by this industry indirectly. It is common knowledge that betting bodies pay their employees well which helps improve the standards of living of a nation.

  • Betting Companies Take Part in Charity Projects

Many companies have taken up development projects that benefit the people within whose jurisdiction the company lies. Some companies are known to sponsor local leagues and fund the less fortunate through their Corporate Social Responsibility projects.

Cons of Betting

The downside of betting is as follows;

  •     Losing Money

Winning is not always guaranteed. Statistically speaking, there is one in a million chances of winning a bet. This means that you could end up losing your bankroll on an unlucky day. Truth is, in any gambling activity, the house always wins. Sometimes, this loss could lead to debts and eventually conflict because of constantly losing money, and borrowing with the hope that you will recover the money on your next bet.

  •     Wins are Not Consistent

With the one in a million chances of win, there is no way that you will be able to win every time you place a bet. If you look keenly, you will realize that you lose more times than you win. This should pose the question on whether betting is worth it in the long run.

  •     Problem Gambling

This is, perhaps, the biggest disadvantage of betting. It every so often could lead to problem gambling. This is when a person wants to bet consistently even when they don’t have money to bet with. Problem gambling also leads to job loss since many of the problematic gamblers skip work in order to indulge in their addiction. This could also lead to an increase in crime, broken marriages, depression and even suicide.

Whether to take part in gambling is a matter of choice. These pointers should, however, help you make a more informed decision.

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