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Gambling is the wagering of money or something of value referred to as “the stakes” on an event play casino with an uncertain outcome with the primary intent of winning money or material goods. Gambling thus requires three elements be present The term “gaming”  in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive i. However this distinction is not universally observed in the English-speaking world. For instance in the United Kingdom the regulator of gambling activities is called the Gambling Commission not the Gaming Commission. For example players of marbles games might wager marbles and likewise games of Pogs or Magic The Gathering can be played with the collectible game pieces respectively small discs and trading cards as stakes resulting in a meta-game regarding the value of a player’s collection of pieces. Gambling dates back to the Paleolithic period before written history. In Mesopotamia the earliest six-sided dice date to about BC. However they were based on astragali dating back thousands of years earlier. In China gambling houses were widespread in the first millennium BC and betting on fighting animals was common. Lotto games and dominoes precursors of Pai Gow appeared in China as early as the 10th century. Playing cards appeared in the ninth century in China. Records trace gambling in Japan back at least as far as the 14th century. Poker the most popular U. The first known casino the Ridotto started operating in in Venice Italy. Many jurisdictions local as well as national either ban gambling or heavily control it by licensing the vendors. Such regulation generally leads to gambling tourism and illegal gambling in the areas where it is not allowed. The involvement of governments through regulation and taxation has led to a close connection between many governments and gaming organizations where legal gambling provides significant government revenue such as in Monaco or Macau China. There is generally legislation requiring that the odds in gaming devices be statistically random to prevent manufacturers from making some high-payoff results impossible. Since these high-payoffs have very low probability a house bias can quite easily be missed unless the odds are checked carefully. Most jurisdictions that allow gambling require participants to be above a certain age. In some jurisdictions the gambling age differs depending on the type of gambling. For example in many American states one must be over 21 to enter a casino but may buy a lottery ticket after turning Because contracts of insurance have many features in common with wagers insurance contracts are often distinguished under law as agreements in which either party has an interest in the “bet-upon” outcome beyond the specific financial terms. Nonetheless both insurance and gambling contracts are typically considered aleatory contracts under most legal systems though they are subject to different types of regulation. Under common law particularly English Law English unjust enrichment a gambling contract may not give a casino bona fide purchaser status permitting the recovery of stolen funds in some situations. In Lipkin Gorman v Karpnale Ltd where a solicitor used stolen funds to gamble at a casino the House of Lords overruled the High Court’s previous verdict adjudicating that the casino return the stolen funds less those subject to any change of position defence. Law precedents are somewhat similar. An interesting wrinkle to these fact pattern is to ask what happens when the person trying to make recovery is the gambler’s spouse and the money or property lost was either the spouse’s or was community property. Hotel Del Rio. Ancient Hindu poems like the Gambler’s Lament and the Mahabharata testify to the popularity of gambling among ancient Indians. However the text Arthashastra c. Ancient Jewish authorities frowned on gambling even disqualifying professional gamblers from testifying in court. The Catholic Church holds the position that there is no moral impediment to gambling so long as it is fair all bettors have a reasonable chance of winning that there is no fraud involved and the parties involved do not have actual knowledge of the outcome of the bet unless they have disclosed this knowledge. For these social and religious reasons most legal jurisdictions limit gambling as advocated by Pascal. Gambling views among Protestants vary with some either discouraging or forbidding their members from participation in gambling. Methodists in accordance with the doctrine of outward holiness oppose gambling which they believe gambling is a sin that feeds on greed examples include the United Methodist Church  the Free Methodist Church  the Evangelical Wesleyan Church  the Salvation Army  and the Church of the Nazarene. The Arabic terminology for gambling is Maisir. They ask you about intoxicants and gambling. But their sin is more grave than their benefit. While almost any game can be played for money and any game typically played for money can also be played just for fun some games are generally offered in a casino setting. Gambling games that take place outside of casinos include Bingo as played in the US and UK dead pool lotteries pull-tab games and scratchcards and Mahjong. Fixed-odds betting and Parimutuel betting frequently occur at many types of sporting events and political elections. In addition many bookmakers offer fixed odds on a number of non-sports related outcomes for example the direction and extent of movement of various financial indices the winner of television competitions such as Big Brother and election results. One of the most widespread forms of gambling involves betting on horse or greyhound racing. Wagering may take place through parimutuel pools or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in the wagering pools while bookmakers pay off either at the odds offered at the time of accepting the bet or at the median odds offered by track bookmakers at the time the race started. Betting on team sports has become an important service industry in many countries. For example millions of people play the football pools every week in the United Kingdom. In addition to organized sports betting both legal and illegal there are many side-betting games played by casual groups of spectators such as NCAA Basketball Tournament Bracket Pools Super Bowl Squares Fantasy Sports Leagues with monetary entry fees and winnings and in-person spectator games like Moundball. Based on Sports Betting Virtual Sports are fantasy and never played sports events made by software that can be played everytime without wondering about external things like weather conditions. Arbitrage betting is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event regardless of the outcome. Arbitrage betting is a combination of the ancient art of arbitrage trading and gambling which has been made possible by the large numbers of bookmakers in the marketplace creating occasional opportunities for arbitrage. One can also bet with another person that a statement is true or false or that a specified event will happen a “back bet” or will not happen a “lay bet” within a specified time. This occurs in particular when two people have opposing but strongly held views on truth or events. Not only do the parties hope to gain from the bet they place the bet also to demonstrate their certainty about the issue. Some means of determining the issue at stake must exist. Sometimes the amount bet remains nominal demonstrating the outcome as one of principle rather than of financial importance. Betting exchanges allow consumers to both back and lay at odds of their choice. Similar in some ways to a stock exchange a bettor may want to back a horse hoping it will win or lay a horse hoping it will lose effectively acting as bookmaker. Spread betting allows gamblers to wagering on the outcome of an event where the pay-off is based on the accuracy of the wager rather than a simple “win or lose” outcome. For example a wager can be based on the when a point is scored in the game in minutes and each minute away from the prediction increases or reduces the payout. Many betting systems have been created in an attempt to “beat the house” but no system can make a mathematically unprofitable bet in terms of expected value profitable over time. Widely used systems include . Many risk-return choices are sometimes referred to colloquially as “gambling. Investments are also usually not considered gambling although some investments can involve significant risk. Examples of investments include stocks bonds and real estate. Starting a business can also be considered a form of investment. Investments are generally not considered gambling when they meet the following criteria . Some speculative investment activities are particularly risky but are sometimes perceived to be different from gambling . Studies show that though many people participate in gambling as a form of recreation or even as a means to gain an income gambling like any behavior that involves variation in brain chemistry can become a harmful behavioral addiction. Behavioral addiction can occur with all the negative consequences in a person’s life minus the physical issues faced by people who compulsively engage in drug and alcohol abuse. Late or missed payments would result in visits and threats from such crime family members. The Russian writer and problem gambler Fyodor Dostoevsky portrays in his novella The Gambler the psychological implications of gambling and how gambling can affect gamblers. He also associates gambling and the idea of ” getting rich quick ” suggesting that Russians may have a particular affinity for gambling. Dostoevsky shows the effect of betting money for the chance of gaining more in 19th-century Europe. The association between Russians and gambling has fed legends of the origins of Russian roulette. There are many symptoms and reasons for gambling. Gamblers gamble more money to try and win back money that they have lost and some gamble to relieve feelings of helplessness and anxiety. The Advertising Standards Authority has censured several betting firms for advertisements disguised as news articles suggesting falsely a person had cleared debts and paid for medical expenses by online gambling. The firms face possible fines. Gamblers exhibit a number of cognitive and motivational biases that distort the perceived odds of events and that influence their preferences for gambles. For example gamblers exhibit a costly aversion to betting against their favorite team or political candidate. From Wikipedia the free encyclopedia. For other uses see Gamble disambiguation and Betting disambiguation. Main article Gambling law. Table game. Fixed-odds betting. Parimutuel betting. Sports betting. Virtual sports. Arbitrage betting. Betting strategy. This section possibly contains original research. Please improve it by verifying the claims made and adding inline citations. Statements consisting only of original research should be removed.
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