Some say that in betting, the bettor has a better idea of what can happen than gambling. In other words, gambling relies on pure luck whereas betting can benefit from research.
For example, if you bet on horses, you can study the past performances of horses, jockeys and trainers. You can also find out what type of terrain each horse prefers. Some horses, for example, prefer softer terrain. So, if it is raining, it is likely to be good.
On the other hand, with gambling, you don't know what the outcome will be. In a casino, for example, you do not know which number will come next on the roulette table.
However, the two words are often used interchangeably. So, although technically their meanings may differ on paper, in real life they are virtually identical.
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Betting exists in hundreds of forms. There are table games, electronic gaming, arcade games, and non-casino games.
For example, dead pool, lottery and bingo are non-casino games - they take place outside the casino.
People usually place bets while playing card games like poker, baccarat and blackjack. Three-card farro and brag are also popular card games for betting.
According to Super Casino sites, the most common forms of betting are:
Electronic games including online poker, keno and slots.
Games involving individual skills. Bowling, pool, skeet ball, and some video games, for example, require individual skills.
Pitching quarters or other coins.
Lottery ticket and scratcher (UK/Ireland: scratch card).
Betting on sports such as soccer (UK/Ireland: football), boxing, basketball, etc.
Tax receipts from betting
In countries where betting is permitted, governments receive significant tax revenue from the gambling or gaming sector.
According to USA Today, in the US state of Las Vegas, where gambling has been legal since 1931, local tax revenue from the industry totaled $10.86 billion in 2012.
In Pennsylvania, gaming tax receipts totaled $3.16 billion. Thirteen US states generated $34 billion in gaming tax revenue in 2012.