gambling bet

2009-01-23T13:57:00.000-08:00

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gambling bet

2008-06-13T08:01:00.000-07:00

Gambling has a specific economic definition, referring to wagering money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Typically, the outcome of the wager is evident within a short period of time.
The term gaming[1] 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.[2] (This distinction is not universally observed in the English-speaking world, however. For instance, in the UK, the regulator of gambling activities is called the Gambling Commission (not the Gaming CommissionBoth the Catholic and Jewish traditions traditionally set aside days for gambling,[4] although religious authorities generally disapprove of gambling to some extent. Gambling can have adverse social consequences. For these social and religious reasons, most legal jurisdictions limit gambling. Some Islamic nations prohibit gambling; most other countries regulate it.[5]
Many jurisdictions, local as well as national, either ban or heavily control (by licensing) gambling. Such regulation generally leads to gambling tourism and illegal gambling. The involvement of governments, through regulation and taxation, has led to a close connection between many governments and gaming organizations, where legal gambling provides significant government revenue, such as in Monaco or Macau.
Under US federal law, gambling is legal in the United States, and states are free to regulate or prohibit the practice. Gambling has been legal in Nevada since 1931, forming the backbone of the state's economy, Las Vegas is perhaps the best known gambling destination in the world. In 1976, gambling was legalized in Atlantic City, New Jersey, and in 1990, it was legalized in Tunica, Mississippi; both of those cities have developed extensive casino and resort areas since then. Since a favorable US Supreme Court decision in 1987, many Native American tribes have built their own casinos on tribal lands as a way to provide revenue for the tribe. Because the tribes are considered sovereign nations, they are often exempt from state laws banning gambling, and are instead regulated under federal law. Additionally almost all states have legalized gambling in the form of a lottery.
Because contracts of insurance have many features in common with wagers, insurance contracts are often distinguished under law as agreements in which either party has an interest in the "bet-upon" outcome beyond the specific financial terms. E.g.: a “bet” with an insurer on whether one's house will burn down is not gambling, but rather insurance — as the homeowner has an obvious interest in the continued existence of his/her home independent of the purely financial aspects of the "bet" (i.e., the insurance policy).
There is generally legislation requiring that the odds in gaming devices are statistically random, to prevent manufacturers from making some high-payoff results impossible. Since these high-payoffs have very low probability, a house bias can quite easily be missed unless checking the odds carefullyThere are three variables common to all forms of gambling:
How much is being wagered, the initial stake (in money or material goods). The predictability of the event. In mechanical or electronic gambling such as lotteries, slot machines and bingo, the results are random and unpredictable; no amount of skill or knowledge (assuming machinery is functioning as intended) can give an advantage in predictability to anyone. However, for sports events such as horse racing and soccer matches there is some predictability to the outcome; thus a person with greater knowledge and/or skill will have an advantage over others. The odds agreed between the two (or more) parties to the wager; where there is a house or a bookmaker, the odds are (quite legally) arranged in favor of the house. The expected value, positive or negative, is a mathematical calculation using these three variables. The amount wagered determines the scale of an individual wager (bet); the odds and the amount wagered determine the payout if successful; the predictability determines the frequency of success. Finally the frequency of success times the payout minus the amount wagered equals the "expected value" The skill of a gambler lies in understanding and maneuvering the three variables so that the "actual value" is positive over a series of wagersIt is customary with fixed-odds gambling to know the odds at the time of the placement of the wager (the "live price"), although this category also includes wagers whose price is determined only when the race or game starts (the "starting prices"). It is ideal for a bookmaker to price up a book such that the net outcome will always be in his favour, i.e. the sum of the probabilities quoted for all possible outcomes will be in excess of 100%. The excess over 100% (or overround) represents profit to the bookmaker in the event of a balanced book. In the more usual case of an imbalanced book, the bookmaker may have to pay out more winnings than what is staked, or he may earn more than mathematically expected. An imbalanced book may arise since there is no way for a bookmaker either to know the true probabilities for the outcome of competitions left to human effort or to predict the bets that will be attracted from others by fixed odds compiled on the basis of his own personal view and knowledge.
With the advent of Internet and bet exchange betting, the possibility of fixed-odds arbitrage actions and Dutch books against bookmakers and exchanges has expanded significantly. Betting exchanges in particular act like a stock exchange, allowing the odds to be set in the course of trading between individual bettors, usually leading to quoted odds that are reasonably close to the "true odds."
In making a bet where your expected value is positive, you are said to be getting "the best of it". For example, if you were to bet $1 at 10 to 1 odds (you could win $10) on the outcome of a coin flip, you would be getting "the best of it" and you should always make the bet. However if someone offered you odds of 10 to 1 that a card chosen at random from a regular 52 card deck would be the ace of spades, then you would be getting "the worst of it" because the chance is only 1 in 52 that the ace will be chosen. It is mathematically disadvantageous to make a bet where you are getting "the worst of it."
When making a bet where you must put more at stake than you stand to win, you are laying the odds or laying the bet. So, for example, if you bet $1000 that it will rain tomorrow, and if you win you will only win $200 but if you lose you will lose your entire $1000, then you are laying a bet. It is possible that you could be getting "the best of it" or "the worst of it" when you lay a bet; the fact that you are laying a bet does not necessarily mean you are getting "the worst of it". A lay bet is a bet that something won't happen, so if you lay $50 on a horse then you are betting the horse won't win.
Favoured by bookmakers in the United Kingdom and Ireland, fractional odds quote the net total that will be paid out to the bettor, should he win, relative to his stake. Odds of 4/1 ("four-to-one" or less commonly "four-to-one against") would imply that the bettor stands to make a £400 profit on a £100 stake. If the odds are 1/4 (read "one-to-four", or "four-to-one on"), the bettor will make £25 on a £100 stake. Should he win, the bettor always receives his original stake back, so if the odds are 4/1 you would actually receive a total of £500 in return (£400 plus the original £100). Odds of 1/1 are known as evens or even money. Unusually, odds of 10/3 is read as "one-hundred-to-thirty".
Fractional odds are also known as British odds, UK odds or in that country, traditional odds.
Favoured in continental Europe, Australia and Canada, decimal odds differ from fractional odds in that the bettor must first part with their stake in order to make a bet, the figure quoted is the winning amount that would be paid out to the bettor. Therefore, the decimal odds of an outcome are equivalent to the decimal value of the fractional odds plus one. Thus even odds 1/1 are quoted in decimal odds as 2. The 4/1 fractional odds discussed above are quoted as 5, while the 1/4 odds are quoted as 1.25. This is considered to be ideal for parlay betting, because the odds to be paid out are simply the product of the odds for each outcome wagered on. Decimal odds are also favoured by betting exchanges because they are the easiest to work with for trading.
Decimal odds are also known as European odds, or continental odds in the UK.

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against odds offered by a bookmaker, an individual, or on a bet exchange. ... It is customary with fixed-odds gambling to know the odds at the time of the