Gambling is the wagering of "money or something of "value (referred to as "the stakes") on an "event with an uncertain outcome with the primary intent of winning money or material goods. Gambling thus requires three elements be present: consideration, chance and prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season.
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.e., a "gaming" company offers (legal) "gambling" activities to the public and may be regulated by one of many "gaming control boards, for example, the "Nevada Gaming Control Board. 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). The word gaming is used more frequently since the rise of "computer and "video games to describe activities that do not necessarily involve wagering, especially "online gaming, with the new usage still not having displaced the old usage as the primary definition in common dictionaries.
Gambling is also a major international commercial activity, with the legal gambling market totaling an estimated $335 billion in 2009. In other forms, gambling can be conducted with materials which have a value, but are not real money. 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.
Many popular games played in modern "casinos originate from "Europe and "China. Games such as "craps, "baccarat, "roulette, and "blackjack originate from different areas of "Europe. A version of "keno, an ancient Chinese lottery game, is played in casinos around the world. In addition, "pai gow poker, a hybrid between "pai gow and "poker is also played.
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 are "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 18.
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. e.g.: a "bet" with an insurer on whether one's house will burn down is not gambling, but rather insurance — as the homeowner has an obvious interest in the continued existence of his/her home independent of the purely financial aspects of the "bet" (i.e., the insurance policy). 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. U.S. Law precedents are somewhat similar. For "case law on recovery of gambling losses where the loser had stolen the funds see "Rights of owner of stolen money as against one who won it in gambling transaction from thief".
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. This was a minor plot point in a "Perry Mason novel, The Case of the Singing Skirt, and it cites an actual case Novo v. Hotel Del Rio.
Religious perspectives on gambling have been mixed. 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. 4th century BCE) recommends taxation and control of gambling. 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), Gambling has often been seen as having "social consequences, as satirized by "Balzac. For these social and religious reasons, most legal jurisdictions limit gambling, as advocated by "Pascal. as long as the following conditions are met; the gambler can afford losing the bet, stops when the limit is reached, and the motivation is entertainment and not personal gain leading to the "love of money" or making a living. In general, Catholic bishops have opposed "casino gambling on the grounds it too often tempts people into problem gambling or addiction, has particularly negative effects on poor people; they sometimes also cite secondary effects such as increases in loan sharking, prostitution, corruption, and general public immorality. In at least one case, the same bishop opposing a casino has sold land to be used for its construction. Some parish pastors have also opposed casinos for the additional reason that they would take customers away from church "bingo and annual festivals where games such as "blackjack, "roulette, "craps, and "poker are used for fundraising.
Although different interpretations of "Shari‘ah (Islamic Law) exist in the Muslim world, there is a consensus among the ‘"Ulema’ ("Arabic: عُـلـمـاء, Scholars (of "Islam)) that gambling is "haraam ("Arabic: حَـرام, sinful or forbidden). In assertions made during its prohibition, Muslim jurists describe gambling as being both un-"Qur’anic, and as being generally harmful to the Muslim "Ummah ("Arabic: أُمَّـة, Community). The Islamic terminology for gambling is "Maisir, however this also has a second definition meaning easy money. In parts of the world that implement full Shari‘ah, such as "Aceh, punishments for Muslim gamblers can range up to 12 lashes or a one-year prison term and a fine for those who provide a venue for such practises. Some Islamic nations prohibit gambling; most other countries "regulate it.
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.
Other non-casino gambling games include:
*Although coin tossing isn't usually played in a casino, it has been known to be an official gambling game in some Australian casinos
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. Interactive "prediction markets also offer trading on these outcomes, with "shares" of results trading on an open market.
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.
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).
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:
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Many risk-return choices are sometimes referred to colloquially as "gambling." Whether this terminology is acceptable is a matter of debate:
"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. "Reinforcement schedules may also make gamblers persist in gambling even after repeated losses.["medical citation needed]
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 for gambling and reasons for why people do it. Gamblers gamble more money to try and win back money that they have lost and some gamble to relieve feelings of helplessness and anxiety.
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, gambler exhibit a costly aversion to betting against their favorite team or political candidate.
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