Definition - What does Gambling mean?

A person is said to be gambling when he enters into a contest of chance and risks something of value (which usually includes money or something of value) on the outcome of that contest, which is not under his control or influence. This risk is usually taken for a price which is substantially more than the gambler’s contribution.

Justipedia explains Gambling

Gambling doesn’t include business transactions (bona fide) under contract law such as sale or purchase at some future date of commodities or securities, guarantee of health, life, or accident insurance. Gambling is legal in most countries, but it can be illegal as well if it doesn’t follow the federal guidelines.

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