Dating back as far as 500BC
Under common law , particularly English Law English unjust enrichment , a gambling contract may not give a casino bona fide purchaser status, permitting the recovery of stolen funds in some situations. In Lipkin Gorman v Karpnale Ltd , where a solicitor used stolen funds to gamble at a casino, the House of Lords overruled the High Court's previous verdict, adjudicating that the casino return the stolen funds less those subject to any change of position defence.
Law precedents are somewhat similar. An interesting wrinkle to these fact pattern is to ask what happens when the person trying to make recovery is the gambler's spouse, and the money or property lost was either the spouse's, or was community property. Religious perspectives on gambling have been mixed. Ancient Hindu poems like the Gambler's Lament and the Mahabharata testify to the popularity of gambling among ancient Indians.
However, the text Arthashastra c. The Catholic Church holds the position that there is no moral impediment to gambling, so long as it is fair, all bettors have a reasonable chance of winning, that there is no fraud involved, and the parties involved do not have actual knowledge of the outcome of the bet unless they have disclosed this knowledge. For these social and religious reasons, most legal jurisdictions limit gambling, as advocated by Pascal.
Gambling views among Protestants vary with some either discouraging or forbidding their members from participation in gambling. Methodists , in accordance with the doctrine of outward holiness , oppose gambling which they believe gambling is a sin that feeds on greed; examples include the United Methodist Church ,  the Free Methodist Church ,  the Evangelical Wesleyan Church ,  the Salvation Army ,  and the Church of the Nazarene. The Islamic terminology for gambling is Maisir , however this also has a second definition meaning easy money.
While almost any game can be played for money, and any game typically played for money can also be played just for fun, some games are generally offered in a casino setting. Gambling games that take place outside of casinos include Bingo as played in the US and UK , dead pool , lotteries , pull-tab games and scratchcards , and Mahjong.
Fixed-odds betting and Parimutuel betting frequently occur at many types of sporting events, and political elections.
In addition many bookmakers offer fixed odds on a number of non-sports related outcomes, for example the direction and extent of movement of various financial indices , the winner of television competitions such as Big Brother , and election results.
One of the most widespread forms of gambling involves betting on horse or greyhound racing. Wagering may take place through parimutuel pools, or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started.
Betting on team sports has become an important service industry in many countries. For example, millions of people play the football pools every week in the United Kingdom. In addition to organized sports betting, both legal and illegal, there are many side-betting games played by casual groups of spectators, such as NCAA Basketball Tournament Bracket Pools, Super Bowl Squares, Fantasy Sports Leagues with monetary entry fees and winnings, and in-person spectator games like Moundball.
Based on Sports Betting, Virtual Sports are fantasy and never played sports events made by software that can be played everytime without wondering about external things like weather conditions.
Arbitrage betting is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event, regardless of the outcome. Arbitrage betting is a combination of the ancient art of arbitrage trading and gambling, which has been made possible by the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage.
One can also bet with another person that a statement is true or false, or that a specified event will happen a "back bet" or will not happen a "lay bet" within a specified time. This occurs in particular when two people have opposing but strongly held views on truth or events.
Not only do the parties hope to gain from the bet, they place the bet also to demonstrate their certainty about the issue.
Some means of determining the issue at stake must exist. Sometimes the amount bet remains nominal, demonstrating the outcome as one of principle rather than of financial importance. Betting exchanges allow consumers to both back and lay at odds of their choice. Similar in some ways to a stock exchange, a bettor may want to back a horse hoping it will win or lay a horse hoping it will lose, effectively acting as bookmaker. Spread betting allows gamblers to wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome.
For example, a wager can be based on the when a point is scored in the game in minutes and each minute away from the prediction increases or reduces the payout. Many betting systems have been created in an attempt to "beat the house" but no system can make a mathematically unprofitable bet in terms of expected value profitable over time. Widely used systems include:. Many risk-return choices are sometimes referred to colloquially as "gambling. Investments are also usually not considered gambling, although some investments can involve significant risk.
Examples of investments include stocks , bonds and real estate. Starting a business can also be considered a form of investment. Investments are generally not considered gambling when they meet the following criteria:. Some speculative investment activities are particularly risky, but are sometimes perceived to be different from gambling:.
Gosford has approximately pokies, spread across 37 venues. That is the equivalent of one poker machine for every 71 adults. Wyong has approximately pokies, spread across 35 venues. That is the equivalent of one poker machine for every 47 adults. Young men between the ages of living on the Central Coast are the biggest players of poker machines in NSW and are the highest risk group for problem gambling.
In Central Coast Gambling Help carried out a survey of young people aged from and found:. Since the introduction of new gambling services, including online gambling, the Commonwealth has taken a more active role in the regulation of gambling, but the Australian gambling industry is also regulated by State and Territory authorities: Traditionally gambling has been legislated at a state and territory level rather than by the Commonwealth: Accessing and using the interactive gambling services is not an offence.
It is also allowed to companies based in Australia to offer their gambling services to gamblers located outside Australia with the exception of those countries that were called 'designated countries'. Gamblers' winnings in Australia are not taxed [ citation needed ]. There are 3 main reasons for that:. Taxation of gambling operators in Australia differs from state to state and different gambling services are taxed in a different way. There are taxes on the turnover, on player loss and net profit.
Descriptions of games for stakes can be found in Homer, Buddhist texts, and the Jewish Talmud. Gambling also makes an important appearance in Greek mythology. Zeus, Poseidon, and Hades threw dice to divvy up the universe. Indeed, the Greek word for justice is dike, meaning "to throw", as in throwing dice. Many see the origins of gambling in ancient religious rituals whose purpose was to predict the future or explain the incomprehensible. Counting the outcomes of throwing small objects might lead to an odd or even result.
Odd outcomes were generally considered ominous, but even an indication of good fortune. Counts sometimes gave way to the interpretation of patterns in random events. Some believed their chances of acting more in accord with a positive fate were greater when dictated by other chance occurrences instead of biased exercises of free will.
Knucklebones or astragali found their way into divination rites and games. Though not a cube, the sides were assigned numeric values, sometimes in accord with the relative chances of specific sides being thrown. The bones were thrown in pairs or threes, the significance of the sum of the sides varying by game.
Knucklebones were employed until Romans devised evenly shaped and dense dice made of other materials like ivory or stone. Although alternative shapes like pyramids were also made, the balanced six-sided cube became the most popular.
Early forms of playing cards were also rooted in divination. Korean cards called "fighting arrows" from the sixth century CE were made of oiled paper and silk. Used for fortune telling, they would later inspire early Chinese paper money.
Cards depicting deities and aristocracy appeared in many cultures. But they were hard to come by in the age before the printing press. Artists were enlisted to create them by hand, an extremely painstaking process. Dice reigned as the gambling tool of choice, probably for being relatively easy to construct. Egyptian culture developed games similar in principal to modern board games, including throwing a pair of dice and moving game pieces on a board in accordance with dice outcomes.
Betting on animal competitions like races and fights also came pass, especially in China and India. China became a cauldron of gambling creativity, with gambling dens on every major street in many Chinese towns. Western gambling grew out of Medieval Europe, which was of course founded upon Greco-Roman gambling practices and tools.
But issues pertaining to ethics and morality clouded the scene. Obviously, kings could do as they pleased. Clergy often had one set of rules for themselves, but another for parishioners. Nevertheless, gambling continued to progress and develop.