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Legal aspects
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. E.g.: a “bet” with an insurer on whether one's house will burn down is not gambling, but rather insurance — as the homeowner has an obvious interest in the continued existence of his/her home independent of the purely financial aspects of the "bet" (i.e., the insurance policy). Many jurisdictions, local as well as national, either ban or heavily control (by licensing) gambling. Such regulation generally leads to gambling tourism and illegal gambling. 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. 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 pass unnoticed.[4] Gambling variables
The expected value, positive or negative, is a mathematical calculation using these three variables. The amount wagered determines the scale of an individual wager (bet); the odds and the amount wagered determine the payout if successful; the predictability determines the frequency of success. Finally the frequency of success times the payout minus the amount wagered equals the "expected value" The skill of a gambler lies in understanding and maneuvering the three variables so that the "actual value" is positive over a series of wagers. Types of gamblingCasino gamesWhile 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. "Beatable" casino gamesA highly skilled player with a well-designed strategy can create a positive mathematical expectation on games such as:
"Unbeatable" casino gamesThese games have a negative expectation regardless of how few or many games someone plays. Nevertheless, this does not stop gamblers from having false beliefs (the "gambler's fallacy") that their actions or "way of playing" will influence the outcome.
Non-casino gambling gamesGambling games that take place outside of casinos include Bingo (US|UK), various confidence tricks (often called Con Games), Dead pool,lotteries including 6-49 games, Pull-tab games and Scratchcards, and Mahjong. Other non-casino gambling games include:
Fixed-odds gamblingFixed-odds gambling and Parimutuel betting frequently occur at many types of sporting events. 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, election results,[5]. Interactive prediction markets also offer trading on these outcomes, with "shares" of results trading on an open market. Parimutuel bettingImage:Tokyo Racecourse 3.jpg Tokyo Racecourse in Tokyo, Japan. 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. Sports bettingBetting on team sports has become an important service industry in many countries. For example, millions of Britons play the football pools every week. Arbitrage bettingArbitrage 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 the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage. Other types of bettingOne 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 better may want to back a horse (hoping it to win) or lay a horse (hoping it to lose, effectively acting as bookmaker) Staking systemsMany betting systems have been created in an attempt to "beat the bookie" but most still accept that no system can make an unprofitable bet profitable over time. Widely-used systems include:
Other uses of the term "gambling"Many risk-return choices are sometimes referred to colloquially as "gambling." Whether this terminology is acceptable is a matter of debate, but generally the following activities are not considered 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 still usually considered separately from gambling:
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. The Russian writer 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. Associated word usage
By countrySee also
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