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*’gambling’ is the wagering of money or something of value (referred to as “the stakes”) on an event with an uncertain outcome with the primary intent of winning money and/or ‘material goods’*
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(“gambling” thus requires 3 elements be present…)
‘consideration’
‘chance’
‘prize’
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(the outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season)
(the term gaming 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 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”))
(the word gaming is used more frequently since the rise of ‘computer’ and ‘video games’ to describe activities that do not necessarily involve wagering, especially ‘online gaming’, with the new usage still not having displaced the old usage as the primary definition in common dictionaries)
(‘gambling’ is also a major international commercial activity, with the legal gambling market totaling an estimated $335 billion in 2009)
(in other forms, ‘gambling’ can be conducted with materials which have a value, but are not real money)
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(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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*🌈✨ *TABLE OF CONTENTS* ✨🌷*
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🔥🔥🔥🔥🔥🔥*we won the war* 🔥🔥🔥🔥🔥🔥