Words like gaming and gambling are being used interchangeably especially by those who are in the gambling industry.
To clear things out, gambling is any activity that involves betting money or something that has value to an event or match that has unpredictable outcome.
Elements of Gambling
In most cases, it consists of three elements which include:
- Consideration – the sum of money or something that is financially wagered
- Risk – this is the percentage or your chances of winning and;
- Prize – oftentimes money but could just also be anything of value
On the other hand, when it comes to gaming, it’s basically formalized expression of play. There are different genres and types for games which be social play, role play, FPS or even simple board games. Additionally, it could include video games that can be played via gaming console or an app that is playable through your smartphone.
How Gambling and Gaming are Relevant?
There are 4 classifications for different games and these are:
- Agon or competitive games
- Alea or chance-based games
- Mimicry if you like simulation games and;
- Ilinx which include vertigo-like games similar to children spinning and so forth
If we are going to put this into gambling game context, alea as well as agon are critical in a way that they’re offering the combination of luck, chance and skill.