Gambling commonly known as betting. It is a process of wagering of money or anything which is of value on an event with some unexpected outcomes. Its basic or primary goal is to achieve money or material goods. To play gambling efficiently, there three things that should be present and that are a consideration (the wagered amount), prize and the important thing without which it is impossible and that is a risk (chance took).
The result of the game is always immediate such as single roll of the dice, a horse crossing the finish line, spin of a roulette wheel. There are some wagers also who have to wait for the longer period of time as allowing the wagers to invest in the sports which results in future.
The term “gaming” is referred to as the activities or games which are permitted by the law. There are two words that are not mutually exclusive i.e. gambling is offered by the gaming companies for the public and can be regulated from the gaming control boards. The best example of the gaming control board is the Nevada Gaming Control Board. This distinction that exists in India is not observed anywhere outside India. This can be understood better with an example and that is in the United Kingdom, there exists the Gaming Commission which is responsible for handling all the gambling events there.
The word gaming became popular after the introduction of computers and video games for the public. Gaming also was in opposition to gambling as found circumvent laws against it. The media and others used word gaming with gambling to shift the focus of the people and unwantedly force them to become wagers.
Gambling is a commercial activity on a major international scale. It has a gambling market with totaling about $335 billion in the year 2009. Gambling can be done on any scale or by anything. It can also be done by exchanging the things that have value but not real money into it. For example, games like Pogs, marbles game and many more are played by exchanging different goods like marbles, gaming pieces like small discs and trading cards.
Gambling is a popular game and is very famous among the people of different countries. The elder people prefer playing these games only and help them earn things. Though in some countries it is considered illegal in some of the countries, it is legal by the laws until it affects the people.