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Gambling has had many different meanings depending on the cultural and historical context in which it is used. Currently, in western society, it generally has an economic definition and meaning and typically refers to "wagering money or something of material value on something with an uncertain outcome in hope of winning additional money or material goods". Furthermore:
This definition of gambling usually excludes:
Gambling varies on four dimensions: # What is being wagered (money or material goods). # How much is being wagered. # The predictability of the event. For some things such as lotteries, slot machines and bingo, the results are random and unpredictable. No skill or system will give you any advantage. For other things such as sports betting and horse racing there is some predictability to the outcome. In this situation greater knowledge and skill gives a person an advantage over other bettors. # The 'expected value', the positive or negative mathematical expectation. Legal aspects Because religious authorities generally frown on gambling to some extent, and because of various perceived Social Cost s, most legal jurisdictions censure gambling to some extent. Islamic nations officially prohibit gambling; most other countries Regulate it. In particular, in the majority of circumstances—and perhaps all cases—the law does not recognise wagers as Contract s, and views any consequent losses as ''debts of honour'', unenforceable by Legal Process . Thus Organized Crime often takes over the enforcement of large gambling debts, sometimes using violent methods. Because contracts of Insurance have many features in common with wagers, legislation generally makes a distinction, typically defining any agreement in which either one of the parties has an interest in the outcome bet upon, beyond the specific financial terms, as a contract of insurance. Thus a bet on whether one's house will burn down becomes a contract of insurance, as one has an independent interest in the security of one's home. Furthermore, many jurisdictions, local as well as national, either ban or heavily control ("license") gambling. Such regulation generally leads to Gambling Tourism and illegal gambling, the latter often under the auspices of 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 of 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, such as in Monaco . There is generally legislation requiring that the odds in gambling machines are fair (i.e. Statistically Random ), to prevent manufacturers from making some high-payoff results impossible (since these have very low Probability , this can quite easily pass unnoticed). Psychological aspects Though many participate in gambling as a form of Recreation or even as a means to gain an income, gambling, like any behavior which involves variation in Brain Chemistry , can become a Psychologically Addictive and harmful behavior in some people. Reinforcement phenomena may also make gamblers persist in gambling even after repeated losses. Because of the negative connotations of the word "gambling", Casino s and Race Track s often use the Euphemism " Gaming " to describe the recreational gambling activities they offer. The Russian writer Dostoevsky portrays in his short story '' 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 . Types of gambling Casino games "Beatable" casino games With proper strategy, a smart player can create a positive mathematical expectation.
"Unbeatable" casino games These have a negative expectation, players as a group will lose in the long run (unless they cheat).
Non-casino gambling games ''Some of these are played recreationally without stakes''
Fixed-odds gambling Fixed-odds Gambling and Parimutuel Betting frequently occur at or on the following kinds of events:
In addition many s also offer trading on these outcomes, with "shares" of results trading on an open market. See ''Sports betting'' below. Gambling on horse races One of the most widespread forms of gambling involves betting on Horse Race s, most commonly on races between Thoroughbred s or between Standardbred s. Wagering may take place through Parimutuel pools; or Bookmaker s 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. In Canada and the United States , the most common types of bet on horse races include:
Win, place and show wagers class as straight bets, and the remaining wagers as '''exotic bets'''. Bettors usually make multiple wagers on exotic bets. A '''box''' consists of a multiple wager in which punters bet all possible combinations of a group of horses in the same race. A '''key''' involves making a multiple wager with a single horse in one race bet in one position with all possible combinations of other selected horses in a single race. A '''wheel''' consists of betting all horses in one race of a bet involving two or more races. For example a 1-all daily double wheel bets the 1-horse in the first race with every horse in the second. People making straight bets commonly employ the strategy of an 'each way' bet. Here the bettor picks a horse and bets it will win, and makes an additional bet that it will show, so that theoretically if the horse runs third it will at least pay back the two bets. The Canadian and American equivalent is the bet across (short for ''across the board''): the bettor bets equal sums on the horse to win, place, and show. In Canada and the United States punters make exotic wagers on horses running at the same track on the same program. In the United Kingdom bookmakers offer exotic wagers on horses at different tracks. Probably the Yankee occurs most commonly: in this the bettor tries to pick the winner of four races. This bet also includes subsidiary wagers on smaller combinations of the chosen horses; for example, if only two of the four horses win, the bettor still collects for their double. A '''Trixie''' requires trying to pick three winners, and a '''Canadian''' or '''Super Yankee''' trying to pick five; these also include subsidiary bets. The term '''nap''' identifies the best bet of the day. A parlay (US) or '''accumulator''' (UK) consists of a series of bets in which bettors stake the winnings from one race on the next in order until either the bettor loses or the series completes successfully. (Similarly, Greyhound racing offers a popular betting alternative to horse racing in many countries.) Sports betting Betting on team sports has become an important Service Industry in many countries. For example, millions of Britons play the Football Pools every week. At sports betting, players may beat the bank. Most jurisdictions in Canada and the United States regard sports betting as illegal ( Nevada offers full sports betting and the Canadian Provinces offer Sport Select - government-run sports parlay betting). However, millions engage in sports betting despite its illegality. In Canada and the United States the most popular sports bets include:
In sports betting, a ''' is one type of parlay where the bettor can alter the point spreads on the two games in the bet. Scratchcards A Scratchcard is a small piece of card where an area has been covered by a substance that cannot be seen through, but can be scratched off. Under this area are concealed the items/pictures that must be 'found' in order to win. The generic scratchcard requires the player to match three of the same prize amounts. If this is accomplished, they win that amount. Other scratchcards involve matching symbols, pictures or words. Scratchcards are a very popular form of Gambling due to their low cost. However, the low cost to buy a scratchcard is offset by the smaller prizes, compared to Casino jackpots or Lottery wins. Other types of 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 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 someways to a stock exchange, a better may want to back a horse (hoping it to win) or lay a horse (hoping it to lose, effectively acting as bookmaker) Arbitrage betting Arbitrage Betting , is a no-risk or risk-free betting system, it is a special case of betting on events offered by betting websites which is not gambling but rather an unusual Investment practice. Staking systems Many people have formulated staking systems in an attempt to "beat the bookie", but most still accept that no staking system can make an unprofitable system profitable over time. Widely-used systems include:
A = W - (1 - W )/(D - 1) Where: A = Percentage of the total bank to bet W = Percentage probability of winning (fair odds) D = Decimal odds (actual odds available)
List of notable wagers
Associated word usage
By country See also
Bibliography
External links
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