there is nothing more fun than gambling, but it has a very big risk compared to betting. Well, the stakes still have the possibility to win if you predict the game, and it is usually very easy, but I think in the game of gambling is pure luck.
Yes, the big difference is you bet only once and you are ready to accept profits or losses as per the game. Whereas in gambling, you will always think you will get second chance. Most of the gamblers are thinking that the second chance is for double their profits or to recover your losses.
Betting has definite chances so your losses also will be definite, but you may continue your gambling for infinite times until you become poor. For a perfect and predetermined gambler there will not be any differences between gambling and betting.