Is it ok to have a beta fish in a small bowl?

I bought a beta fish bowl for my new beta fish. It's about a 1/3 gal. I was wondering if it was too small for the beta fish to be happy in because i saw a lot of beta fish care tips and it says you should have it in an at least two gallon tank. i was wondering if this is true or if the bowl i have it in is ok for it to have a happy life in. (the bowl is a tetra beta bowl) just in case you were wondering.