Legal vs Illegal Betting Risks: A Criteria-Based Review

Betting is often discussed as a question of odds or strategy, but the more consequential divide is legal versus illegal participation. The risks differ not just in degree, but in kind. In this review, I compare legal and illegal betting across clear criteria: consumer protection, financial security, transparency, enforcement, and long-term exposure. The aim is not to moralize, but to evaluate which environment better protects participants—and where hidden risks tend to accumulate.