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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.
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. 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 Islamic terminology for gambling is Maisir , however this also has a second definition meaning easy money. 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.
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