Definition of “Gamble” and “Betting”
Gambling is the wagering of money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money or material goods. Gambling according three elements be present: prize, consideration and chance. Typically, the outcome of the wager is evident within a short period.
The term gaming in this context typically refers to instances in which activity has been specifically permitted by law. The two words are not mutually exclusive; i.e. A “gaming” company offers legal “gambling” activities to the public and may be regulated by one of many gaming control board. However, this distinction is not universally observed in the English-speaking world.