What is Gambling?
Understanding definitions, odds, risk, and the difference between skill and chance.
Risking Something of Value for a Chance to Win More
Gambling is when we risk money, or something of value on an activity, at the chance of winning something more.
Something of value is going to be different for every person. Examples could include a pair of your favorite sneakers, your favorite necklace or even your lunch. If you are risking something of value on a chance, like a schoolyard dare or a sports game with your friends to try to win something greater, then that is considered gambling.
Examples of gambling you may see in your day-to-day:
Risk & Odds
What is important to remember is that Gambling ALWAYS has risk!
When we gamble we should expect to lose more often than we should expect to win. Why is that?
Gambling activities are controlled by odds. Odds are how many chances there are to lose for every chance there is to win. Odds are always better that the game will win over the player.
Example:
There is a raffle at your local rink. You are told that the odds to win are 99 to 1. If you enter one ticket, that means that there are 99 chances you will not have the winning ticket, and only 1 chance you will.
Skill vs. Chance
When we think about the previous example, it’s not an activity that we can get better at through practice, is it?
This is the case with many games of chance (or gambling). Games of chance are just that – chance. There is always an element of risk and uncertainty, and therefore they are not often activities that we can practice and develop skill in.
Key Takeaway: Knowing the odds and recognizing the role of pure chance helps keep gaming safe, fun, and informed.
Need Help or Have Questions?
Reach out to the PEI Gambling Support Line anytime for free, confidential assistance and support across PEI.