Gambling – Wikipedia

bet of money on a game of luck or consequence with an uncertain result

A gamble stand in Paris

Gambling ( besides known as betting ) is the wagering something of measure ( “ the stakes ” ) on an event with an uncertain result with the purpose of winning something else of value. Gambling thus requires three elements to be present : consideration ( an total wagered ), risk ( gamble ), and a choice. [ 1 ] The result of the stake is much immediate, such as a single roll of die, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are besides park, allowing wagers on the result of a future sports contest or even an entire sports season. The condition “ gambling ” [ 2 ] in this context typically refers to instances in which the activeness has been specifically permitted by law. The two words are not mutually exclusive ; i.e., a “ bet on ” party offers ( legal ) “ gambling ” activities to the public [ 3 ] and may be regulated by one of many gaming control boards, for exercise, the Nevada Gaming Control Board. however, this distinction is not universally observed in the english-speaking world. For exemplify, in the United Kingdom, the regulator of gambling activities is called the Gambling Commission ( not the Gaming Commission ). [ 4 ] The news gaming is used more frequently since the lift of computer and television games to describe activities that do not necessarily involve bet, particularly on-line bet on, with the new use hush not having displaced the old custom as the primary definition in park dictionaries. “ Gaming ” has besides been used to circumvent laws against “ gamble ”. The media and others have used one term or the other to frame conversations around the subjects, resulting in a chemise of perceptions among their audiences. [ 5 ] Gambling is besides a major international commercial action, with the legal gambling market totaling an estimated $ 335 billion in 2009. [ 6 ] In other forms, gambling can be conducted with materials that have a value, but are not real money. For example, players of marbles games might wager marbles, and besides games of Pogs or Magic: The Gathering can be played with the collectible crippled pieces ( respectively, humble phonograph record and trade cards ) as stakes, resulting in a meta-game regarding the respect of a musician ‘s collection of pieces .


Gambling dates back to the Paleolithic period, before written history. In Mesopotamia the earliest six-sided die date to about 3000 BC. however, they were based on anklebone dating back thousands of years early. In China, gambling houses were far-flung in the first millennium BC, and betting on fighting animals was coarse. Lotto games and dominoes ( precursors of Pai Gow ) appeared in China angstrom early as the tenth century. [ 7 ] Playing cards appeared in the ninth hundred AD in China. Records trace gambling in Japan bet on at least adenine far as the fourteenth hundred. [ 8 ] Poker, the most popular U.S. circuit board crippled associated with gamble, derives from the persian game As-Nas, dating back to the seventeenth century. [ 9 ] The beginning known casino, the Ridotto, started operational in 1638 in Venice, Italy. [ 10 ]

Great Britain

Gambling has been a chief amateur natural process in Great Britain for centuries. [ 11 ] Horseracing has been a favorite composition for over three centuries. [ 12 ] It has been heavy regulated. [ 13 ] Historically much of the opposition comes from evangelical Protestants, and from sociable reformers. [ 14 ] [ 15 ]

United States

Gambling has been a popular activity in the United States for centuries. [ 16 ] It has besides been suppressed by jurisprudence in many areas for about as long. By the early twentieth hundred, gambling was about uniformly outlawed throughout the U.S. and therefore became a largely illegal activeness, helping to spur the increase of the mafia and other condemnable organizations. [ 17 ] [ 18 ] The late twentieth century saw a mince in attitudes towards gambling and a rest of laws against it .


many jurisdictions, local adenine well as national, either prohibition gamble or heavily control it by licensing the vendors. such regulation broadly leads to gambling tourism and illegal gamble in the areas where it is not allowed. The engagement of governments, through rule and tax, has led to a close connection between many governments and gaming organizations, where legal gamble provides meaning politics gross, such as in Monaco and Macau, China. There is by and large legislation requiring that gaming devices be statistically random, to prevent manufacturers from making some high-payoff results impossible. Since these high payoffs have very first gear probability, a house diagonal can quite easily be missed unless the devices are checked cautiously. [ 19 ] Most jurisdictions that allow gambling command participants to be above a certain age. In some jurisdictions, the gambling old age differs depending on the character of gambling. For example, in many american states one must be over 21 to enter a casino, but may buy a lottery tag after turning 18. [ citation needed ]


Because contracts of insurance have many features in park with wagers, indemnity contracts are much distinguished in law as agreements in which either party has an interest in the “ bet-upon ” consequence beyond the particular fiscal terms. e.g. : a “ bet ” with an insurance company on whether one ‘s house will burn down is not gambling, but preferably insurance – as the homeowner has an obvious interest in the stay being of his/her dwelling independent of the strictly fiscal aspects of the “ stake ” ( i.e. the insurance policy ). however, both insurance and gambling contracts are typically considered aleatory contracts under most legal systems, though they are discipline to unlike types of rule .

Asset recovery

Under common law, particularly english Law ( English unjust enrichment ), a gamble contract may not give a casino bona fide buyer condition, permitting the recovery of steal 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 former verdict, adjudicating that the casino return the steal funds less those capable to any transfer of place defense mechanism. U.S. Law precedents are reasonably like. [ 20 ] For case police on convalescence of gambling losses where the failure had stolen the funds see “ Rights of owner of steal money as against one who won it in gambling transaction from thief ”. [ 21 ] An concern question is what happens when the person trying to make recovery is the gambler ‘s spouse, and the money or place fall back was either the spouse ‘s, or was community property. This was a minor diagram point in a Perry Mason fresh, The Case of the Singing Skirt, and it cites an actual case Novo v. Hotel Del Rio. [ 22 ]

religious views


Ancient Hindu poems like the Gambler ‘s Lament and the Mahabharata testify to the popularity of gambling among ancient Indians. [ where? ] however, the text Arthashastra ( c. fourth century BC ) recommends taxation and control of gambling. [ 23 ]


ancient jewish authorities frowned on gambling, tied disqualifying professional gamblers from testifying in court. [ 24 ]



The Catholic Church holds the side that there is no moral obstruction to gamble, so long as it is fairly, all bettors have a reasonable chance of winning, there is no fraud involved, and the parties involved do not have actual cognition of the result of the stake ( unless they have disclosed this cognition ), [ 25 ] and a long as the succeed conditions are met : the gambler can afford to lose the bet, and stops when the specify is reached, and the motivation is entertainment and not personal amplification leading to the “ love of money ” [ 26 ] or making a surviving. [ 27 ] In general, Catholic bishops have opposed casino gambling on the grounds that it besides frequently tempt people into trouble gamble or addiction, and has particularly veto effects on hapless people ; they sometimes besides adduce secondary effects such as increases in loan shark, prostitution, corruption, and general populace evil. [ 28 ] [ 29 ] [ 30 ] Some parish pastors have besides opposed casinos for the extra reason that they would take customers away from church service lotto and annual festivals where games such as black flag, roulette, craps, and poker are used for fundraising. [ 31 ] St. Thomas Aquinas wrote that gambling should be specially forbid where the miss bettor is underage or differently not able to consent to the transaction. [ 32 ] Gambling has much been seen as having social consequences, as satirized by Balzac. For these sociable and religious reasons, most legal jurisdictions limit gamble, as advocated by Pascal. [ 33 ]


Gambling views among Protestants vary, with some either discouraging or forbidding their members from participation in gambling. Methodists, in accord with the doctrine of outward holiness, oppose gambling which they believe is a sin that feeds on avarice ; examples are the United Methodist Church, [ 34 ] the Free Methodist Church, [ 35 ] the Evangelical Wesleyan Church, [ 36 ] the Salvation Army, [ 37 ] and the Church of the Nazarene. [ 38 ] other Protestants that oppose gambling include many Mennonites, Quakers, [ 39 ] the Christian Reformed Church in North America, [ 40 ] the church of the Lutheran Confession, [ 41 ] the Southern Baptist Convention, [ 42 ] the Assemblies of God, [ 43 ] and the Seventh-day Adventist Church .

other christian denominations

other churches that oppose gambling include the Jehovah ‘s Witnesses, The Church of Jesus Christ of Latter-day Saints, [ 44 ] the Iglesia nickel Cristo, [ 45 ] and the Members Church of God International .


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, iniquitous or forbid ). In assertions made during its prohibition, Muslim jurists identify gambling as being both un- Qur ’ anic, and as being broadly harmful to the Muslim Ummah ( Arabic : أُمَّـة, Community ). The Arabic terminology for gambling is Maisir. [ 46 ]

They ask you about intoxicants and gambling. Say : ‘In them both lies grave sin, though some benefit, to mankind. But their sine is more scratch than their benefit. ‘Surah Al-Baqara 2:219

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 annual prison term and a ticket for those who provide a venue for such practises. [ 47 ] Some Islamic nations prohibit gambling ; most other countries regulate it. [ 48 ]

Bahá’í Faith

According to the Most Holy Book, paragraph 155, gamble is forbidden.


casino games

While about any game can be played for money, and any game typically played for money can besides be played good for playfulness, some games are broadly offered in a casino place .

postpone games

electronic gambling

early gambling

Non-casino games

Gambling games that take station outside of casinos include lotto ( as played in the US and UK ), dead pool, lotteries, pull-tab games and scratchcards, and Mahjong. other non-casino gambling games include :
*Although mint discard is not normally played in a casino, it has been known to be an official gamble game in some australian casinos [ 50 ]

Fixed-odds bet

Fixed-odds dissipated and Parimutuel betting frequently occur at many types of sporting events, and political elections. In summation many bookmakers offer fixed odds on a number of non-sports associate outcomes, for example the direction and extent of motion of respective fiscal indices, the winner of television receiver competitions such as Big Brother, and election results. [ 51 ] interactional prediction markets besides offer trading on these outcomes, with “ shares ” of results trading on an clear grocery store .

Parimutuel bet

One of the most widespread forms of gambling involves betting on horse or greyhound race. bet may take place through parimutuel pools, or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by back in the bet pools, while bookmakers pay off either at the odds offered at the time of accepting the count ; or at the medial odds offered by track bookmakers at the meter the rush started .

Sports betting

Betting on team sports has become an important service diligence in many countries. For example, millions of people play the football pools every week in the United Kingdom. In addition to organized sports bet, 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 entrance fees and winnings, and in-person spectator games like Moundball .

virtual sports

Based on Sports Betting, Virtual Sports are fantasy and never played sports events made by software that can be played every meter without wondering about external things like weather conditions .

arbitrage count

arbitrage bet is a theoretically risk-free dissipated system in which every consequence of an event is bet upon sol that a know profit will be made by the bettor upon completion of the event careless of the consequence. arbitrage bet is a combination of the ancient art of arbitrage trade and gambling, which has been made possible by the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage .

other types of count

One can besides bet with another person that a instruction is true or faithlessly, or that a specify event will happen ( a “ back bet ” ) or will not happen ( a “ dwell bet ” ) within a specify time. This occurs in particular when two people have opposing but strongly held views on truth or events. not entirely do the parties hope to gain from the bet, they place the bet besides to demonstrate their certainty about the emergence. Some means of determining the issue at venture must exist. sometimes the measure bet remains noun phrase, demonstrating the consequence as one of principle preferably than of fiscal importance. Betting exchanges allow consumers to both back and lay at odds of their option. Similar in some ways to a stock exchange, a bettor may want to back a sawhorse ( hoping it will win ) or lay a knight ( hoping it will lose, efficaciously acting as bookmaker ). Spread betting allows gamblers to wagering on the result of an event where the pay-off is based on the accuracy of the bet, preferably than a simple “ gain or lose ” result. For model, a bet can be based on the when a luff is scored in the game in minutes and each minute away from the prediction increases or reduces the payout .

Staking systems

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 prize profitable over fourth dimension. widely use systems include :

  • Card counting – Many systems exist for blackjack to keep track of the ratio of ten values to all others; when this ratio is high the player has an advantage and should increase the amount of their bets. Keeping track of cards dealt confers an advantage in other games as well.
  • Due-column betting – A variation on fixed profits betting in which the bettor sets a target profit and then calculates a bet size that will make this profit, adding any losses to the target.
  • Fixed profits – the stakes vary based on the odds to ensure the same profit from each winning selection.
  • Fixed stakes – a traditional system of staking the same amount on each selection.
  • Kelly – the optimum level to bet to maximize your future median bank level.
  • Martingale – A system based on staking enough each time to recover losses from previous bet(s) until one wins.

other uses of the condition

Gloria Mundi, or The Devil addressing the sun, a cartoon showing the British politician , a cartoon showing the british politician Charles James Fox standing on a roulette steering wheel perched atop a globe showing England and continental Europe. The implication is that his hard up submit, indicated by turned-out pockets, is ascribable to gambling. many risk-return choices are sometimes referred to colloquially as “ gamble. ” [ 52 ] Whether this terminology is satisfactory is a topic of debate :

  • Emotional or physical risk-taking, where the risk-return ratio is not quantifiable (e.g., skydiving, campaigning for political office, asking someone for a date, etc.)
  • Insurance is a method of shifting risk from one party to another. Insurers use actuarial methods to calculate appropriate premiums, which is similar to calculating gambling odds. Insurers set their premiums to obtain a long term positive expected return in the same manner that professional gamblers select which bets to make. While insurance is sometimes distinguished from gambling by the requirement of an insurable interest, the equivalent in gambling is simply betting against one’s own best interests (e.g., a sports coach betting against his own team to mitigate the financial repercussions of a losing season).
  • Situations where the possible return is of secondary importance to the wager/purchase (e.g. entering a raffle in support of a charitable cause)

Investments are besides normally not considered gamble, although some investments can involve significant gamble. Examples of investments include stocks, bonds and real estate of the realm. Starting a business can besides be considered a form of investment. Investments are by and large not considered gambling when they meet the following criteria :

  • Economic utility
  • Positive expected returns (at least in the long term)
  • Underlying value independent of the risk being undertaken

Some notional investment activities are particularly bad, but are sometimes perceived to be different from gambling :

  • Foreign currency exchange (forex) transactions
  • Prediction markets
  • Securities derivatives, such as options or futures, where the value of the derivative is dependent on the value of the underlying asset at a specific point in time (typically the derivative’s associated expiration date)

negative consequences

Studies show that though many people participate in gambling as a phase of diversion or to earn an income, gambling, like any demeanor involving variation in brain chemistry, can become a behavioral addiction. behavioral addiction can occur with all the negative consequences in a person ‘s biography minus the physical issues faced by people who compulsively engage in drug and alcohol pervert. [ 53 ] Problem gamble has multiple symptoms. Gamblers frequently gamble to try to win back money they have lost, and some gamble to relieve feelings of helplessness and anxiety. [ 54 ] In the United Kingdom, the ad Standards Authority has censured several count firms for advertisements disguised as news articles suggesting falsely that a person had cleared debts and paid for aesculapian expenses by gambling on-line. The firms face potential fines. [ 55 ] A 2020 discipline of 32 countries found that the greater the total of gambling bodily process in a given nation, the more volatile that country ‘s stock market prices are. [ 56 ]

psychological biases

Gamblers exhibit a phone number of cognitive and motivational biases that distort the perceive odds of events and that influence their preferences for gambles .

  • Preference for likely outcomes. When gambles are selected through a choice process – when people indicate which gamble they prefer from a set of gambles (e.g., win/lose, over/under) – people tend to prefer to bet on the outcome that is more likely to occur. Bettors tend to prefer to bet on favorites in athletic competitions, and sometimes will accept even bets on favorites when offered more favorable bets on the less likely outcome (e.g., an underdog team).[57]
  • Optimism/Desirability Bias. Gamblers also exhibit optimism, overestimating the likelihood that desired events will occur. Fans of NFL underdog teams, for example, will prefer to bet on their teams at even odds than to bet on the favorite, whether the bet is $5 or $50.[58]
  • Reluctance to bet against (hedge) desired outcomes.[59] People are reluctant to bet against desired outcomes that are relevant to their identity. Gamblers exhibit reluctance to bet against the success of their preferred U.S. presidential candidates and Major League Baseball, National Football League, National Collegiate Athletic Association (NCAA) basketball, and NCAA hockey teams. More than 45% of NCAA fans in Studies 5 and 6, for instance, turned down a “free” real $5 bet against their team. From a psychological perspective, such a “hedge” creates an interdependence dilemma – a motivational conflict between a short-term monetary gain and the long-term benefits accrued from feelings of identification with and loyalty to a position, person, or group whom the bettor desires to succeed. In economic terms, this conflicted decision can be modeled as a trade-off between the outcome utility gained by hedging (e.g., money) and the diagnostic costs it incurs (e.g., disloyalty). People make inferences about their beliefs and identity from their behavior. If a person is uncertain about an aspect of his or her identity, such as the extent to which he or she values a candidate or team, hedging may signal to him or her that he or she is not as committed to that candidate or team as he or she originally believed. If the diagnostic cost of this self-signal and the resulting identity change are substantial, it may outweigh the outcome utility of hedging, and he or she may reject even very generous hedges.[59]
  • Ratio bias. Gamblers will prefer gambles with worse odds that are drawn from a large sample (e.g., drawing one red ball from an urn containing 89 red balls and 11 blue balls) to better odds that are drawn from a small sample (drawing one red ball from an urn containing 9 red balls and one blue ball).[60]
  • Gambler’s fallacy/positive recency bias.

See besides


further read

  • Chambers, Kerry. Gambling for profit: Lotteries, gaming machines, and casinos in cross-national focus (U of Toronto press, 2011).
  • Ferentzy, Peter, and Nigel Turner. “Gambling and organized crime-A review of the literature.” Journal of Gambling Issues 23 (2009): 111–155.
  • Ferentzy, Peter, and Nigel E. Turner. A history of problem gambling (Springer-Verlag, 2013).online
  • Haller, Mark H. “The changing structure of American gambling in the twentieth century.” Journal of Social Issues 35.3 (1979): 87-114.
  • Richard, Brian. “Diffusion of an economic development policy innovation: Explaining the international spread of casino gambling.” Journal of Gambling Studies 26.2 (2010): 287–300. Online
  • Schwartz, David G. Roll The Bones: The History of Gambling (2006), scholarly history with global perspective excerpt

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