When discussing the many ins and outs of both the gambling and betting industries, it can be very easy to use the same generic terminology for all the games that are available. Gambling in any market at all involves placing a wager of your own accord and expecting money in return, but this small statement is just the tip of the iceberg.
Even the iGaming industry (which relates specifically to online gambling) encompasses online casinos, sportsbooks, bingos, lotteries, and niche markets where you can bet on the outcome of TV shows, Oscar winners, to almost everything—the list is enormous! Today, we will be slicing these into two categories which are casino gaming and every other betting industry. Although they all have their own unique characteristics, I find that online casinos offer the most contrast to the rest of the gambling industry.
Slot gaming
While many economic projections and predictions do exist (determining an exact figure can be challenging), iGaming experts believe that the overall casino sector will continue growing throughout the rest of this decade. Considering the recent changes to legislation throughout the US and Canada, this does seem to be pretty obvious to even the non-experts.
The global casino industry will be worth around half a trillion dollars within the next decade! This is a truly staggering figure that experts and analysts unanimously agree on. Obviously, this astonishing level of growth hasn’t just emerged from nowhere and there are many reasons behind it. Slot gaming is the best example of the differences between casino gaming and the rest of the market and highlights the most prominent contrasts. Online casino slots cover lots and lots of genres, themes, jackpots, and gameplay styles. They’re highly successful standalone entities.
You can find ones better suited to your iPad or tablet or have the best user experience via a smartphone. When we compare this to more traditional betting options (let’s say Bingo, for instance), the game operates within a much tighter framework.
That’s not to say there haven’t been variations, but the game’s premise remains the same. Slot gaming can range from 3×3 to 12×12 grids, 800x max jackpots to 50,000 max jackpots, and 40 paylines to 117,649. That’s how many winning ways there are in Megaways (in case you’re wondering why that number is so specific).
Card-based casino games
Blackjack, poker, and baccarat are the lifeblood of a casino floor for lots of bettors, and they command a considerable part of the gaming library for online casinos, too. Betting on these games involves knowing a set of rules, reading your opponent, weighing how their bet will shape, and planning accordingly. Betting sites have an array of live tables that cater to customers who have an interest for these games, and they all have key similarities that make them an attractive proposition for those who prefer games with a bit more strategy and tact.
There are also noticeable differences, even in comparison to sports betting, where you will bet on one outcome. The joy is, you’re not facing off against somebody else, you’re betting on the outcome of the event rather than how competent your strategy is. A win-win situation!
Poker is definitely the best example of this and is why there is a small bracket of elite professionals who can make millions from the top tournaments. Phil Ivey, for example, is considered by many to be one of the greatest professional poker players of all time—he has career earnings just shy of $40 million.
Now nobody amasses this fortune in poker by sheer luck or dubious tactics, although some may disagree with Ivey’s ways. In any event, poker poses the starkest contrast between casino gaming and other betting industries.
While social media might be full of these tipsters and social media guru types who claim to have the insight to beat the bookies and find sports odds that will give you the edge, unfortunately, this is not really the case. Poker is the only game where strategy and skill can set you apart from other players, and even then this applies to a minuscule bracket of highly, (cannot stress how highly) talented players at the top of the game.
Other betting industries—sports & lottery
So, it’s fair to say that casino gaming and other popular betting industries (such as the lottery) have a different audience altogether. It wouldn’t be a stretch to say they’re perceived as such, too. Especially in the UK—as far as the grand world of gambling goes—the lottery is viewed as a more acceptable way to place a bet than casino gaming.
That’s not to say that casino gaming has a bad reputation generally, but lottery competitions appeal to the more casual and mainstream bettor—maybe a £10 ticket once every couple of weeks. Casino games (especially ones that involve strategy and can go on for hours) like poker, usually attract an entirely different type of bettor.
Sports betting is a world unto itself—covering dozens of professional competitions with their own outright markets, in-play bets, and accumulator options. While sports bets can often follow the most popular trends, it depends on how many people watch the game. This will often trickle down to the underlying sports betting market, which will see a spike during peak periods in that respective sport. Some examples include the Super Bowl, World Cups—particularly in cricket and football—and tennis Grand Slams.
Responsible gambling
One characteristic that glues together the entire gambling industry is the importance of safe gambling protocol. Responsible gambling is absolutely key, whether you prefer playing casino games or are more of just a casual gambler who bets on the lottery once in a blue moon.
Please keep in mind you should only ever bet within your financial limits, never bet with money you cannot afford to lose and always ensure you set up time constraints, especially in casino gaming, to ensure that your gambling remains measured and does not spiral out of control.
Conclusion
While gambling might be a collective term, as you can see by some of the factors we’ve pointed out today, it contains a wide range of games, all with their own categories and sub-categories!
Although some gamers might have their penchant for a bet as something they have in common, poker, lottery, sports betting, and other betting markets all attract different types of audiences.
So, while that type of obvious similarity exists, and collective responsible gambling tools ensure the industry remains viable, there’s a world of difference between casino gaming and the rest of the market.
