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Red or Black? - Betting your whole life on one roulette spin Betting vs Gambling. Gambling is an activity that has attracted human beings since time immemorial because of feature of uncertain outcome. Gambling in general is betting on the outcome of an event that may be uncertain. Online gambling, also known as Internet gambling, is a general term for gambling using the Internet. In , Antigua and Barbuda passed the Free Trade & Processing Act, allowing licences to be granted to organisations applying to open online casinos. Below Online- Gambling takes a look at some of the most popular bets offered by online sportsbooks. Lay Bets are betting on a lose instead of a win. Most sports books don't offer these kinds of bet but you will find them on betting exchanges.