Lottery Betting vs Sports Betting: What Sets Them Apart?
From betting on gladiatorial duels in Coliseum to enjoying the lotteries of the Han dynasty, we have enjoyed betting on sports and lotteries for literally thousands of years. Here, we examine the intricacies of both and discover what sets these two gambling giants apart.
Lottery Betting vs Sports Betting: What Sets Them Apart?
Lottery and sports betting are, at their core, very similar. In each domain, betters stake a fixed amount on the outcome of a specific event. As the person betting on the event will have no impact on its outcome, luck is required to have a successful bet. There are, however, key differences between the two which have a drastic impact on their enjoyment.
Table of Contents
|FEATURE||LOTTERY BETTING||SPORTS BETTING|
|Nature of Bets||Fixed-odds wagering on lottery outcomes||Wager on differing outcomes of sporting events|
|Odds and Payouts||Fixed odds which are not customisable||Customisable bets which lead to customisable odds affects potential payouts.|
|Skill vs Luck||Entirely luck-based||A mixture of luck and skill through research|
|Availability||Scheduled draws on specific times and days||24/7 availability|
|Choice and variety||Limited selection of lotteries||Wide range of sports and different types of bets|
The Nature of the Bets
When it comes to how lottery and sport betting differ, it makes sense to examine the nature of the bets in each. In lottery betting you are wagering on the outcome lottery draws. The process is simple and straightforward: you choose your numbers and win if you match the draw.
With sport betting, things a little more involved and a novice may need to research how to bet on sports. Firstly, you will usually have a plethora of options to choose from – even for just one event. For example, in a soccer bet you are going to have handicap betting, outright betting, betting on yellow cards, red cards, first goal scorer, last goal scorer…the list goes on and on! Whilst the choice of lotteries on offer is vast, the sport betting options available is immeasurably greater!
Comparing The Odds and Payouts
When considering the odds and payouts for both sports and lottery betting, we should keep in mind that sports betting is a lot more customisable than lottery betting. Yes, in lottery bets you choose your number, but you have no power to shorten or lengthen the odds to improve the payout.
In sports, you do have that option. After reviewing the markets, you could choose to place a bet on something extremely like to happen with a lower payout, or less likely to happen with a higher payout. You can even add multiple bets to your selection to increase the potential payouts.
However, in no other bet in the world are you going to get a payout that matches the lotto! This is what keeps us interested and keeps us coming back! From a R55 bet are purchasing the possibility that you could win the next billion-dollar payout on the US Powerball.
Cast your mind back to Leicester winning the English Premier League in 2015. This championship win is considered to be a modern-day sporting miracle, yet it was only priced at 5,000 to 1 before the season started, meaning a R55 bet would “only” have earned you R275,000. Compare that to the record US PowerBall payout of around R37 billion, then it is easy to see why lottery betting remains so popular!
A Game of Skill or Chance
Let’s face it, there is absolutely no skill involved in winning the lottery. Zero. Zilch. Nada. You pick your numbers and cross your fingers hoping that the machine picks out the numbers that will change your life forever.
To a large extent, sports betting is luck based as well as you yourself cannot directly influence the outcome of the event. However, avid sports betters would argue that there is more than a little skill required too! The seasoned sports better is going to have done their research; knowing how an injury may affect a team, how tired a particular athlete may be, how well a team react to playing under pressure or how weather conditions could influence a horse race.
When it comes to the distinction between lottery and sports betting, its important to bear in mind that a successful sport better will need a bit of luck and some skill, whereas a successful lottery better only needs to be lucky once!
A Market That Never Sleeps!
Lotteries are usually played on a predetermined day and time each week. Some will be weekly, others daily and some very special lotteries may only be drawn annually. The internet has given individuals much more choice in betting on lotteries than before. South Africans can bet on lotteries from all over the world, but even with this array of options, the choice is limited compared to sports betting.
Sports betting can seem almost limitless given the huge number of sports and types of bets that are available at the touch of button. The fact that so many of us are almost constantly connected to the internet, sports betting is also effectively a 365, 24/7 market that never closes. With so many sports and types of bets to choose from, the options available for sports betting massively outweigh what is available in lottery betting.
A World of Choice
Both sports and lottery betting have attractive and less attractive qualities, and both have legions of fans across the country. One cannot be considered as superior to the other as preference is dictated by the taste of the individual. Many enjoy both, while some enjoy one or the other. Fortunately, at Lottoland you do not have to choose as an unbeatable array of options is right here, at your fingertips!