Types of Gambling
by Jerry "Jet"
Whittaker
April 26, 2006
Gambling had many different
meanings depending on the cultural and historical
context in which it is used. Currently, in western
society, it generally has an economic definition and
meaning and typically refers to "wagering money or
something of material value on something with an
uncertain outcome in the hope of winning additional
money or material goods".
A sporting bet
One of the most popular
forms of gambling is betting. This generally involves
placing a bet on a sporting event at the bookmaker’s -
horse racing is also one of the most popular events.
The amount an individual can win depends on the amount
staked and the odds of that horse winning. Other events
that are popular with gamblers include dog racing,
football, and many more.
Betting machines
Another popular gambling
activity is playing on fruit machines, it is also
known as slot machines or one armed bandits. There are
also similar machines in Australia called ‘pokies’ which
is also known as video poker machines.
Casino games
Casinos have the greatest
variety of games available at one venue. As well as
playing on high-jackpot slot machines, gamblers can play
various card games such as poker and blackjack, try
their hand at craps, and take a chance at the roulette
table. Casinos differ from other gambling venues because
gambling chips are used instead of the money. These are
small, coloured discs, each with a different monetray
value. Gamblers purchase the chips in a casino in order
to gamble on the tables.
Bingo
Bingo is one of the
most popular game among gambling .it is a numbers game
where the winner has to be the first one to match random
numbers printed on a card to those being called out.
Lottery
Lottery is a gambling
where there is a chance of numbers game where the
customer has to select the winning numbers drawn out.
The jackpot is a percentage of the money collected from
everyone playing it. Lotteries are often used to collect
money for charity and for social purpose.
Spread betting
A high-risk form of
gambling popular
with people wishing to bet on stock exchange and
sporting events. Winnings can be large but gamblers have
less control over how much they have to lose.
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