Research paper on LEGALITY OF GAMBLING IN INDIA.
1. INTRODUCTION -1
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 thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize1. It is basically the act of betting on something which is uncertain with the objective to win the luxury that was betted on. Thus gambling is a risky act which is done with some form of consideration to win a prize. Traditionally gambling is an activity where someone risks money or belongings, there is an element of randomness or chance involved and the purpose is to win. The traditional methods of gambling are: