The difference is that both raster file formats share similarities, there are some key advantages and disadvantages to each type. RAW files are significantly bigger than JPEG (and any other) image file formats. You need to process and convert a RAW file into a JPEG or another relevant format before you can open and edit it. If I was shooting for an event, I would shoot in raw to get all the details because the format captures the highest level of detail. It can often be easier to edit exposure. If it was a larger event, I would do JPEG because its quicker to export files and they are more smaller meaning you can take more picture.