Being aware of the differences between gambling and speculation

Gambling and speculation are two very different activities. When gambling, the player relies on pure luck, or chance, without knowing anything about the game’s previous record hoping to strike it lucky with a huge jackpot. The player becomes almost addicted to the game, slots, roulette, blackjack, or any casino or online games, trying to beat the odds, even if the odds are against them. Once a gambler has hit a jackpot, they will keep trying to repeat that success.

A game of skill

Speculation, on the other hand, requires being able to read the stock markets or at least your broker knowing them. The skill in speculation comes in watching, learning, reading charts and figures, speculating if the market will go up or down to raise your profits. The profits and losses can be as great, if not more, than gambling, but at least you have some prior figures to work with. Speculation needs prior thought, whereas, in gambling, the player just sits down and plays, not much thought needed there.

What is luck?

Gambling does not offer this prior knowledge to work with, as speculation does. Gambling is a game of opportunity. No real skills are needed, as anyone can try their luck, and sometimes it is just a matter of being in the right place at the right time, playing a game that is due to pay out. Unfortunately, the player has no way to check these odds so relies on chance and luck.

There is no way a player gambling can read the odds, except maybe with blackjack card counting, but the casinos have stopped that practice.

MIT trained a special class of students who figured out a way to beat the house by counting cards. This was live in casino’s, and soon casino bosses caught onto this. With online gaming, algorithms are used, to that card counting is no longer not an option for blackjack players, no matter how skilled they are at counting cards. So, the difference between the two forms is that speculation is an informed decision, while gambling is pure luck.