Gambling system
Gambling is the wagering (or betting) of money, or other property, on games of chance. Though for many it is a form of recreation, it can become a psychologically addictive and harmful behavior in some people. Because of the negative connotations of the word, casinos often use the euphemism "gaming" to describe the recreational gambling activities they offer. Gambling may also refer to engaging in any high-risk behavior.
Gambling games are believed to predate recorded history, with gambling games recorded in virtually all of the ancient civilizations.
Legal aspects
Because of the generally negative religious view as well as various perceived social costs, gambling is subject to some form of censure on most legal jurisdictions. In particular, in many (most?) cases, wagers are not recognised in law as contracts and any consequent losses are debts of honour, unenforcable by legal process. Because contracts of insurance have many features in common with wagers, legislation generally makes a distinction, typically that any agreement in which either one of the parties has an interest in the outcome bet upon, beyond the specific financial terms, is a contract of insurance. Thus a bet on whether one's house will burn down is a contract of insurance as there is an independent interest in the security of one's home.
Furthermore, gambling is either banned or heavily controlled (licensed) in many jurisdictions. Such regulation generally leads to illegal gambling, often controlled through organized crime. Such involvement frequently brings the activity under even more severe moral censure and leads to calls for greater regulation. Conversely, the close involvement in governments (through regulation and gambling taxation) has led to a close connection between many governments and gambling organisations, where legal gambling provides much government revenue.
Types of casino gambling
Fixed-odds gambling
Fixed-odds gambling and Parimutuel gambling are frequently offered at or on the following kinds of events:
In addition many bookmakers offer odds on a number of non-sports related outcomes, e.g. the direction of various financial indices, whether snow will fall on Christmas Day, the winner of television competitions such as Big Brother, etc.
Non-casino gambling games
Other betting
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 is done in particular when two people have opposing views of what is true or will happen and are each rather certain. Not only do the parties hope to gain from the bet, they place the bet also to demonstrate how certain they are about the issue. A requirement is that it is possible to determine who was right. Sometimes the amount bet is nominal, winning being the important point.
List of notable wagers
See also
External links
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