Gambling Wikipedia.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 gaming2 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.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 3.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 players collection of pieces.HistoryeditGambling dates back to the Paleolithic period, before written history.The earliest six sided dice date to about 3.BC in Mesopotamia.However, they were based on astragali dating back thousands of years earlier.In China, gambling houses were widespread in the first millennium BC where betting on fighting animals was common.Lotto games and dominoes precursors of Pai Gow appeared in China as early as the 1.Playing cards appeared in the ninth century in China.Poker, the most popular U.S. card game associated with gambling, was based on the Persian game As Nas, dating back to the 1.The first known casino was the Ridotto, established in Venice, Italy in 1.RegulationeditMany 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 2.InsuranceeditBecause 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.Asset recoveryeditUnder 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.Betting Handicapping Horse Race Racing Software For Cars' title='Betting Handicapping Horse Race Racing Software For Cars' />
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