gambling in all sizes
Gambling takes on many
shapes and sizes, online gambling is one of them. The world of
online gambling originates from a vast variety of cultures and
histories, which began with simple card play and dice games.
Today, within western society and culture, online gambling has
an economic definition, which refers to that of wagering money
or something of material value for an event where the outcome is
unknown, expected to win an influx of money – this all done
online. The final outcome in online gambling is usually
determined within a short fixed period of time unless vying away
in online tournaments.
When playing for money or some other material value, there are
online gambling variables, which one must take into
consideration. There are three main variables that pertain to
all forms of gambling, including online gambling.
One of those such factors is that of how much money is being
wagered or what is really at stake. Next, the gamer will want to
determine the predictability of the event. Obviously in some
online gambling games such as slots, bingo or various lotto
games, the results are random and therefore, predictability of
these games is void. There is no amount of such great knowledge
that can give someone engaged in online gambling the advantage.
Then again for gambling involving sports events it is different.
The last, but definitely not least form of variables are the
odds between two or more parties involved in the wagering. This
results only when the house or bookmaker is involved. The odds
then are more often than not arranged in favor of the house and
it is a legal move for them as well.
The expected value, positive or negative, is a mathematical
calculation using these three variables. The amount wagered
determines the scale of one’s individual bet.
Predictability in online gambling determines the frequency of
success. The frequency of success times the payout minus the
amount wagered equals the "expected value." The skill of a
gambler lies in understanding and maneuvering your moves with
the three variables so that the "actual value" is positive over
a series of wagers in online gambling.
There are also psychological aspects to take into consideration
when involved in online gambling.
Though many participate in online gambling as a form of
recreation or even as a means to gain an income, online gambling
can become a psychologically addictive and harmful behavior to
The Reinforcement phenomena may also make gamblers continue in
online gambling even after repeated losses. This happens because
of negative connotations in the word "gambling," casinos and
race tracks often use the euphemism "gaming" to describe the
recreational gambling activities offered in online gambling.
The Russian writer Dostoevsky portrays in his novella The
Gambler the psychological implications of gambling and how
gambling can affect gamblers. He associates gambling in general
to the whole “get rich quick” scheme of things. This has led to
the famous Russian legend of Russian roulette on their frivolous
relationship to gambling.