Ozric
Volunteer Moderator
Exactly. At least as long as we are talking about online gaming. A cheat is a godmode/wallhack/aimbot basically everything that isn't possible for a normal player while an exploit is the usage of mechanics that are available to everyone but not allowed. There is a difference for both in every league and punishment is handled differently. You'll get banned for using a cheat and you get penalty points for exploits.
I think there are plenty of people who would disagree with that and there are plenty of games that ban exploiters.