How gambling works
Before you decide to gamble, it’s a good idea to know how it works.
Do you know what ‘house edge’ and ‘average return to player’ mean? Can you separate fact from fiction amongst the many myths surrounding gambling? What are your real chances of winning?
Gambling involves placing money on a game or an event in the future where the result is unknown and uncertain.
About two thirds of people in the United Kingdom take part in some form of gambling each year – from buying a raffle ticket to playing poker on the internet or betting on a football match.
There are two main categories of gambling – chance-based and skill-based.
Chance
Chance-based gambling is completely random and you cannot influence whether you will win or lose. All players have an equal chance of winning. Examples of chance-based gambling include the lottery, roulette, bingo and gaming machines.
Skill
In skill-based gambling, your ability can influence whether you will win or lose. Although chance is involved, the odds of winning are not the same among all players because technique, knowledge or strategy can give some an advantage over others. Examples include betting on races and playing poker or blackjack.
Risk
One thing connects all types of gambling – risk. This means that the result is never certain, winning is never a ’sure thing’, and losing is always a possibility.