You are on page 1of 5

Types of Gambling:

1. 2. Casino Games Table Games (E.g. Blackjack or Roulette) Electronic Games (E.g. Slot Machine) Other Gambling (E.g. Bingo) Non-Casino Gambling Games Card Games ( E.g. Liars Poker) Carnival Games ( E.g. The Razzle) Coin-Tossing ( E.g. Head and Tail) Confidence Tricks ( E.g. Three-Card Monte) Dice-Based Games ( E.g. Backgammon)

3. Fixed-odds betting Fixed-odds betting and Parimutuel betting frequently occur at many types of sporting events, and political elections. In addition many bookmakers offer fixed odds on a number of non-sports related outcomes, for example the direction and extent of movement of various financial indices, the winner of television competitions such as Big Brother, and election results.[12] Interactive prediction markets also offer trading on these outcomes, with "shares" of results trading on an open market. 4. Parimutuel betting One of the most widespread forms of gambling involves betting on horse or greyhound racing. Wagering may take place through parimutuel pools, or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started. 5. Sports betting Betting on team sports has become an important service industry in many countries. For example, millions of Britons play the football pools every week. In addition to organized sports betting, both legal and illegal, there are many side-betting games played by casual groups of spectators, such as NCAA Basketball Tournament Bracket Pools, Super Bowl Squares, Fantasy Sports Leagues with monetary entry fees and winnings, and in-person spectator games like Moundball.

6. Arbitrage betting Arbitrage betting is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event, regardless of the outcome. Arbitrage betting is a combination of the ancient art of arbitrage trading and gambling, which has been made possible by the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage.

7. Other types of betting One can also bet with another person that a statement is true or false, or that a specified event will happen (a "back bet") or will not happen (a "lay bet") within a specified time. This occurs in particular when two people have opposing but strongly held views on truth or events. Not only do the parties hope to gain from the bet, they place the bet also to demonstrate their certainty about the issue. Some means of determining the issue at stake must exist. Sometimes the amount bet remains nominal, demonstrating the outcome as one of principle rather than of financial importance. Betting exchanges allow consumers to both back and lay at odds of their choice. Similar in some ways to a stock exchange, a bettor may want to back a horse (hoping it will win) or lay a horse (hoping it will lose, effectively acting as bookmaker) 8. Staking systems Many betting systems have been created in an attempt to "beat the bookie" but most still accept that no system can make an unprofitable bet profitable over time. Widely used systems include: Card counting - Many systems exist for Blackjack to keep track of the ratio of ten values to all others; when this ratio is high the player has an advantage and should increase the amount of their bets. Keeping track of cards dealt confers an advantage in other games as well. Due-column betting A variation on fixed profits betting in which the bettor sets a target profit and then calculates a bet size that will make this profit, adding any losses to the target. Fixed profits the stakes vary based on the odds to ensure the same profit from each winning selection. Fixed stakes a traditional system of staking the same amount on each selection. Kelly the optimum level to bet to maximize your future median bank level. Martingale A system based on staking enough each time to recover losses from previous bet(s) until one wins.

But Gambling does not only mean playing for money!!! Many risk-return choices are sometimes referred to colloquially as "gambling." Whether this terminology is acceptable is a matter of debate: Emotional or physical risk-taking, where the risk-return ratio is not quantifiable (e.g., skydiving, campaigning for political office, asking someone for a date, etc.) Insurance is a method of shifting risk from one party to another. Insurers use actuarial methods to calculate appropriate premiums, which is similar to calculating gambling odds. Insurers set their premiums to obtain a long term positive expected return in the same manner that professional gamblers select which bets to make. While insurance is sometimes distinguished from gambling by the requirement of an insurable interest, the equivalent in gambling is simply betting against one's own best interests (e.g., a sports coach betting against his own team to mitigate the financial repercussions of a losing season). Situations where the possible return is a secondary reason for the wager/purchase (e.g. buying a raffle ticket to support a charitable cause)

Investments are also usually not considered gambling, although some investments can involve significant risk. Examples of investments include stocks, bonds and real estate. Starting a business can also be considered a form of investment. Investments are generally not considered gambling when they meet the following criteria: Economic utility Positive expected returns (at least in the long term) Underlying value independent of the risk being undertaken

Some speculative investment activities are particularly risky, but are sometimes perceived to be different from gambling: Foreign currency exchange (forex) transactions Prediction markets Securities derivatives, such as options or futures, where the value of the derivative is dependent on the value of the underlying asset at a specific point in time (typically the derivative's associated expiration date)

Psychological aspects
Studies show that though many people participate in gambling as a form of recreation or even as a means to gain an income, gambling, like any behavior which involves variation in brain chemistry, can become a psychologically addictive and harmful behavior in some people. Reinforcement schedules may also make gamblers persist in gambling even after repeated losses. The Russian writer Dostoevsky (himself a problem gambler) portrays in his novella The Gambler the psychological implications of gambling and how gambling can affect gamblers. He also associates gambling and the idea of "getting rich quick", suggesting that Russians may have a particular affinity for gambling. Dostoevsky shows the effect of betting money for the chance of gaining more in 19th-century Europe. The association between Russians and gambling has fed legends of the origins of Russian roulette. Evolutionary psychology suggests that women more than men tend to select mating partners based on their resources. Thus, from an evolutionary perspective men may have had more to gain from a large increase in resources than women have had, which may be one explanation for why men, and especially poor men, tend to gamble more than women.

Understanding gambling addiction and problem gambling


Gambling addiction, also known as compulsive gambling, is a type of impulse-control disorder. Compulsive gamblers cant control the impulse to gamble, even when they know their gambling is hurting themselves or their loved ones. Gambling is all they can think about and all they want to do, no matter the consequences. Compulsive gamblers keep gambling whether theyre up or down, broke or flush, happy or depressed. Even when they know the odds are against them, even when they cant afford to lose, people with a gambling addiction cant stay off the bet. Gamblers can have a problem, however, without being totally out of control. Problem gambling is any gambling behavior that disrupts your life. If youre preoccupied with gambling, spending more and more time and money on it, chasing losses, or gambling despite serious consequences, you have a gambling problem.

Reason for Gambling To provide excitement, get a rush of adrenaline To be more social, overcome shyness To numb unpleasant feelings, not think about problems Boredom or loneliness

To relax after a stressful day To solve money problems

Sample Substitute Behaviors Sport or a challenging hobby, such as mountain biking, rock climbing, or Go Kart racing Counseling, enroll in a public speaking class, join a social group Therapy, consult Helpguides Bring Your Life into Balance toolkit Find something youre passionate about such as art, music, sports, or books then find others with the same interests As little as 15 minutes of daily exercise can relieve stress. Or deep breathing, meditation, or massage The odds are always stacked against you so its far better to seek help with debts from a credit counselor

You might also like