Gambling
Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted.
[1] 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 "gaming"[2] in this context typically refers to instances in which the activity has been specifically permitted by law.
In China, gambling houses were widespread in the first millennium BCE, and betting on fighting animals was common.
Lotto games and dominoes (precursors of Pai Gow) appeared in China as early as the 10th century.
Today, the government enforces strict laws to promote responsible gambling and prevent illegal activities.
By the early 20th century, gambling was almost uniformly outlawed throughout the U.S. and thus became a largely illegal activity, helping to spur the growth of the mafia and other criminal organizations.
There is generally legislation requiring that gambling devices be 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 devices are checked carefully.
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.
[30] Ancient Jewish authorities frowned on gambling, even disqualifying professional gamblers from testifying in court.
[32] 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, 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),[33] and as long as the following conditions are met: the gambler can afford to lose the bet, and stops when the limit is reached, and the motivation is entertainment and not personal gain leading to the "love of money"[34] or making a living.
[35] In general, Catholic bishops have opposed casino gambling on the grounds that it too often tempts people into problem gambling or addiction, and has particularly negative effects on poor people; they sometimes also cite secondary effects such as increases in loan sharking, prostitution, corruption, and general public immorality.
[36][37][38] Some parish pastors have also opposed casinos for the additional reason that they would take customers away from church bingo and annual festivals where games such as blackjack, roulette, craps, and poker are used for fundraising.
[39] St. Thomas Aquinas wrote that gambling should be especially forbidden where the losing bettor is underage or otherwise not able to consent to the transaction.
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 one-year prison term and a fine for those who provide a venue for such practises.
Other non-casino gambling games include: *Although coin tossing is not usually played in a casino, it has been known to be an official gambling game in some Australian casinos[60] 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.
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 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.
Gamblers often play again to try to win back money they have lost, and some gamble to relieve feelings of helplessness and anxiety.
[67] Gamblers may exhibit a number of cognitive and motivational biases that distort the perceived odds of events and that influence their preferences for gambles.
