There is a distinction.

We've all heard about people having guts and/or balls, but do you really know the difference between them ?

In an effort to keep you informed, the definitions are listed below:
 

              GUTS - Is arriving home late after a night out with the guys, being
              met by your wife with a broom in her hands, and having the guts
              to ask: ''Are you still cleaning, or are you flying somewhere ?''

 

              BALLS - Is coming home late after a night out with the guys, smelling
              of perfume and beer, lipstick on your collar, slapping your wife on
              the butt and having the balls to say: ''You're next, fatty.''
 

I hope this clears up any confusion on the definitions.
 

              Medically speaking, there is no difference in the outcome,
 

              since both ultimately result in death.