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Gambling (also known as betting) is the wagering something of value ("the stakes") on an event with an uncertain outcome with the intent of winning something else of value.
Gambling is also a major international commercial activity, with the legal gambling market totaling an estimated $335 billion in 2009.[6] In other forms, gambling can be conducted with materials that have a value, but are not real money. For example, players of marbles games might wager marbles, and likewise games of Pogs or Magic: The Gathering can be played with the collectible game pieces (respectively, small discs and trading cards) as stakes, resulting in a meta-game regarding the value of a player's collection of pieces.
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The term "gaming"[2] in this context typically refers to instances in which the 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[3] and may be regulated by one of many gaming control boards, for example, the Nevada Gaming Control Board. However, this distinction is not universally observed in the English-speaking world. For instance, in the United Kingdom, the regulator of gambling activities is called the Gambling Commission (not the Gaming Commission).
Hello!Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize.
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04/01/2022
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