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Gambling

Gambling refers to casino gambling and wagering money or something of material value on an event with an uncertain outcome, and the primary intent of winning additional money. The outcome of the wager is usually evident in a short period of time. Casino games include craps, blackjack, poker, roulette, slot machines and other games that gamblers play.

There are three variables that are common to all forms of gambling:
  • How much is being wagered, the initial stake.
  • The predictability of the event.
    • In mechanical or electronic gambling such as lotteries, slot machines and bingo the results are random and unpredictable. no skill or knowledge can give an advantage to anyone.
    • However, for sports events such as horse racing and football games there is some predictability to the outcome, therefore a person with greater knowledge or skill will have an advantage over others.
  • The odds are agreed between the two parties to the wager. In situations where there is a house or a bookmaker, the odds are usually arranged in favor of the house.

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