Are Gambling and Skill-Based Wagering the Same Thing?
No, in fact, they are not, and here are five reasons why.
Let’s start with some basic definitions:
Definitions:
Gambling is wagering something of value (“the stakes”) on an event with an uncertain outcome with the intent of winning something of value. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize.
Skill-based wagering. A peer is simply any other person that is on equal standing with another. Skill-based wagering essentially describes the process of two or more peers wagering on a game, on an equal footing, and that the outcome is based on fair skill.
Now let’s break down the anatomy of these two things further:
1. Skill
Gambling implies no dependence on skill, but instead a reliance upon luck. Even in common language, we would refer to activities where there is a participant involved and there is no skill required as gambling. Picking winning lottery tickets is not based on skill. The person wagering is not rewarded for or given an advantage for having more skill..
On the other hand, any competition that depends on the skill and competence of the players would be considered skill-based wagering. Racing an automobile or playing basketball requires skill. In such competitions, the players are rewarded and given an advantage for having more skill.
2. Control
In gambling, the participant betting has no control of the outcome. The outcome is literally under someone else’s control. When one bets on a horse, he is guessing that horse will win but has no control of the horse.
In skill-based wagering, the player’s success is based on factors that they can control. If the player wagers they will win a race, and they are a sprinter or a race car driver, they can train and practice and control their body or drive their car better. If a player is playing a first-person shooter game in an esports tournament, they are rewarded for their skills which were based on learning and practice, reaction time and hand-eye coordination.
3. Luck
Gambling is a game of pure chance. When a participant wins, it is good luck. When they lose, it is bad luck.
Skill-based wagering is not based on chance or luck, it is based solely on skill.
4. Self-Confidence
In gambling, when the participant wins, since they are lucky, it does not give any actually earned self-confidence. And since it is luck-based, it does not increase the odds of winning again. In fact, the odds are decreased.
In skill-based games, while there is a wager, when the player wins, since it is based on skill, their self-confidence is rightfully bolstered. This increased self-confidence actually increases the odds they will continue winning.
5. Participant vs. Spectator
In gambling, the participant is a spectator and watches the event from the sidelines. They are not truly part of the game, but an outsider looking in.
In skill-based wagering, the player is really part of the action. They are in full control of the game and the determining factor of what happens within the game is based on the players' skill.
Conclusion
The esports industry is rapidly growing and is about to be disrupted by an innovative player in the space.
Founded in 2017, OkLetsPlay is a patented real money esports tournament platform for competitive and casual PC, mobile and console video games. OkLetsPlay already enables regular players to participate in online tournaments and generate revenue streams through skill-based wagering.
The company is about to take it to the next level by introducing a next-gen wagering platform where players can participate in competitive and casual tournaments, while making use of a cryptocurrency token, OKLetsPlay (OKLP). OKLP allows users to bet on themselves, enter tournaments and compete, promote open matches, and boost in-app player profiles. OKLP token also benefits its holders with lower service fees, faster transactions, and in-app discounts.
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