Gambling is the wagering of money Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment or something of material value The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods which can be exchanged. From this analysis came the concepts value in use and value in exchange (referred to as "the stakes") 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.

The term gaming[1] in this context typically refers to instances in which the activity has been specifically permitted by law Law is a system of rules, usually enforced through a set of institutions. Laws can shape or reflect politics, economics and society in numerous ways and serves as a primary social mediator of relations between people. Contract law regulates everything from buying a bus ticket to trading on derivatives markets. Property law defines rights and. 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 Commission).[3] Also, the word gaming is frequently used to describe activities that do not involve wagering, especially online An online game is a game played over some form of computer network. This almost always means the Internet or equivalent technology; but games have always used whatever technology was current: modems before the Internet, and hard wired terminals before modems. The expansion of online gaming has reflected the overall expansion of computer networks.

Gambling is also a major international commercial activity, with the legal gambling market totalling an estimated $335 billion in 2009.[4]

Contents

History

Religious

Religious perspectives on gambling have been mixed. Both the Catholic The Catholic Church, also known as the Roman Catholic Church, is the world's largest Christian church, with more than a billion members. The Church's leader is the Pope who holds supreme authority in concert with the College of Bishops of which he is the head. A communion of the Western church and 22 autonomous Eastern Catholic churches (called and Jewish Judaism is the "religion, philosophy, and way of life" of the Jewish people. Judaism, originating in the Hebrew Bible and explored in later texts such as the Talmud, is considered by Jews to be the expression of the covenantal relationship God developed with the Children of Israel. According to traditional Rabbinic Judaism, God revealed traditions have even set aside days for gambling,[5] (for Jews Hanukkah Hanukkah , also known as the Festival of Lights, is an eight-day Jewish holiday commemorating the rededication of the Holy Temple (the Second Temple) in Jerusalem at the time of the Maccabean Revolt of the 2nd century BCE, Hanukkah is observed for eight nights, starting on the 25th day of Kislev according to the Hebrew calendar, which may occur at), although religious Religion (from O.Fr. religion "religious community," from L. religionem "respect for what is sacred, reverence for the gods," "obligation, the bond between man and the gods" is the belief in and worship of a god or gods, or more in general a set of beliefs explaining the existence of and giving meaning to the universe, authorities generally disapprove of gambling. Ancient Jewish authorities frowned on gambling, even disqualifying professional gamblers from testifying in court.[6] Gambling has often been seen as having social consequences Social cost, in economics, is generally defined in opposition to "private cost". In economics, theorists model individual decision-making as measurement of costs and benefits. Rational choice theory often assumes that individuals consider only the costs they themselves bear when making decisions, not the costs that may be borne by others. For these social and religious reasons, most legal jurisdictions limit gambling.[citation needed] Some Islamic nations prohibit gambling; most other countries regulate it Gaming law can be described as the set of rules and regulations that apply to the gaming or gambling industry. Gaming law is not exactly a branch of law in the traditional sense but rather a transversal gathering of a range of legal topics related to gaming which encompasses matters normally included in various branches of law, including.[7]

Regulation

Many jurisdictions, local as well as national, either ban or heavily control (by licensing) gambling. Such regulation generally leads to gambling tourism Tourism is travel for recreational, leisure or business purposes. The World Tourism Organization defines tourists as people who "travel to and stay in places outside their usual environment for more than twenty-four hours and not more than one consecutive year for leisure, business and other purposes not related to the exercise of an activity and illegal gambling. In other terms gambling can be performed through materials which are given a value but isn’t real money. 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 Monaco /ˈmɒnəkoʊ/ , officially the Principality of Monaco (French: Principauté de Monaco; Monégasque: Principatu de Múnegu; Italian: Principato di Monaco; Occitan: Principat de Mónegue), is a small sovereign city-state located in South Western Europe on the northern central coast of the Mediterranean Sea. It is surrounded on three sides by or Macau Macau , also known as Macao (pronounced /məˈkaʊ/) is one of the two special administrative regions of the People's Republic of China, the other being Hong Kong. Macau lies on the western side of the Pearl River Delta, bordering Guangdong province to the north and facing the South China Sea in the east and south.[citation needed]

United States

Under US federal law The law of the United States consists of many levels of codified and uncodified forms of law, of which the most important is the United States Constitution, the foundation of the federal government of the United States. The Constitution sets out the boundaries of federal law, which consists of constitutional acts of Congress, constitutional, gambling is legal Gambling in the United States continues to increase in popularity despite its legal restrictions. In 2006, gaming activities generated gross revenues of $90.93 billion in the United States. Gross gambling revenues are calculated as the difference between the total amounts wagered minus the funds or "winnings" returned to the players in the United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language, and states are free to regulate or prohibit the practice. Gambling has been legal in Nevada Nevada is the seventh-largest state in area, and geographically covers the Mojave Desert in the south to the Great Basin in the north. It is the most arid state in the Union. Approximately 86% of the state's land is owned by the U.S federal government under various jurisdictions both civilian and military. As of 2008, there were about 2.6 million since 1931, forming the backbone of the state's economy, and the city of Las Vegas The Las Vegas metropolitan area, also known as the Las Vegas-Paradise-Henderson Metropolitan Statistical Area, is a metropolitan area in the southern part of the U.S. state of Nevada, consisting of Clark County. A central part of the metropolitan area is the Las Vegas Valley, a 600 sq mi basin in which is located the metropolitan area's largest is perhaps the best known gambling destination in the world. In 1976, gambling was legalized in Atlantic City Atlantic City is a city in Atlantic County, New Jersey, United States, famous for its boardwalk, casino gambling, sandy beaches, shopping centers, view of the Atlantic Ocean, and as the inspiration for the board game Monopoly. Atlantic City is a resort community located on Absecon Island on the Atlantic coast of North America. As of 2008, the city, New Jersey The area was inhabited by Native Americans for more than 2,800 years, with historical tribes such as the Lenape along the coast. In the early 1600s, the Dutch and the Swedes made the first European settlements. The English later seized control of the region, naming it the Province of New Jersey. It was granted as a colony to Sir George Carteret, and in 1990, it was legalized in Tunica, Mississippi Tunica is a town in Tunica County, Mississippi, United States, located near the Mississippi River. Historically part of an agricultural area, the town lies on the fringe of a growing gambling resort area, with major casinos attracting visitors from nearby Memphis, Tennessee and all over the Southeast; both of those cities have developed extensive casino and resort areas since then.[citation needed] Since a favorable U.S. Supreme Court The Supreme Court of the United States is the highest judicial body in the United States, and leads the federal judiciary. It consists of the Chief Justice of the United States and eight Associate Justices, who are nominated by the President and confirmed with the "advice and consent" of the Senate. Once appointed, Justices effectively decision in 1987, many Native American Native Americans in the United States are the indigenous peoples from North America now encompassed by the continental United States, including parts of Alaska and the island state of Hawaii. They comprise a large number of distinct tribes, states, and ethnic groups, many of which survive as intact political communities. The terminology used to 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 restricting gambling, and are instead regulated The Indian Gaming Regulatory Act is a 1988 United States federal law that establishes the jurisdictional framework that governs Indian gaming. There was no federal gaming structure before this act. The stated purposes of the act include providing a legislative basis for the operation/regulation of Indian gaming, protecting gaming as a means of under federal law. Additionally, almost all states have legalized gambling in the form of a state-run lottery A lottery is a form of gambling which involves the drawing of lots for a prize. The word stems from the Dutch word loterij, which is derived from the noun lot meaning fate or destiny and most states allow for limited non-profit organizations to host Bingo nights.[citation needed]

Insurance

Because contracts of insurance In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; an insured or policyholder is the person or 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). Nonetheless, both insurance and gambling contracts are typically considered aleatory contracts An aleatory contract is a contract in which the performance of one or both parties is contingent upon the occurrence of a particular event. The most common type of aleatory contract are insurance policies. Such insurance contracts may be a boon to one party but create a major loss for the other, as more in benefits may be paid out than actual under most legal systems, though they are subject to different types of regulation.

There is generally legislation requiring that the odds in gaming devices are statistically random A numeric sequence is said to be statistically random when it contains no recognizable patterns or regularities; sequences such as the results of an ideal die roll, or the digits of π exhibit statistical randomness[citation needed], to prevent manufacturers from making some high-payoff results impossible. Since these high-payoffs have very low probability Probability is a way of expressing knowledge or belief that an event will occur or has occurred. In mathematics the concept has been given an exact meaning in probability theory, that is used extensively in such areas of study as mathematics, statistics, finance, gambling, science, and philosophy to draw conclusions about the likelihood of, a house bias can quite easily be missed unless checking the odds carefully.[8]

Types of gambling

Casino games

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 A casino is a facility that houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships and other tourist attractions. Some casinos are known for hosting live entertainment events, such as stand-up comedy, concerts, and sporting events setting.

Table games

Main article: Table game In casinos, the term table game is used to distinguish games such as blackjack, craps, roulette and baccarat that are played on a table and operated by one or more live dealers like a croupier or poker dealer, as opposed to a games played on a mechanical device like a video slot machine. The term has significance in that some jurisdictions permit The Caesars Palace main fountain. The statue is a copy of the ancient Winged Victory of Samothrace The Winged Victory of Samothrace, also called the Nike of Samothrace, is a third century B.C. marble sculpture of the Greek goddess Nike . Since 1884, it has been prominently displayed at the Louvre and is one of the most celebrated sculptures in the world. A pachinko Pachinko is a Japanese gaming device used for amusement and gambling. A pachinko machine resembles a vertical pinball machine, but with no flippers and a large number of relatively small balls. The player fires a ball up into the machine, controlling only its initial speed. The ball then cascades down through a dense forest of pins. In most cases, parlor in Tokyo Tokyo , officially Tokyo Metropolis (東京都, Tōkyō-to?), is one of the 47 prefectures of Japan. It is located on the eastern side of the main island Honshū and includes the Izu Islands and Ogasawara Islands. Tokyo Metropolis was formed in 1943 from the merger of the former Tokyo Prefecture (Tokyo-fu) and the city of Tokyo. Tokyo is the, Japan

Electronic gaming

Other gambling

Non-casino gambling games

Mahjong Mahjong is a game for four players that originated in China. Variations for three players are found in Korea, Japan and Malaysia. It is known as three player mahjong. By far, the most common form is the four-sided mahjong tiles.

Gambling games that take place outside of casinos include Bingo (as played in the US Bingo is a game of chance played with randomly drawn numbers which players match against numbers that have been pre-printed on 5x5 matrices. The matrices may be printed on paper, card stock or electronically represented and are referred to as "cards." Many versions conclude the game when the first person to achieve a specified pattern and UK), dead pool A dead pool, also known as a death pool, death watch or ghoul pool, is a game of prediction which involves guessing when someone will die, lotteries A lottery is a form of gambling which involves the drawing of lots for a prize. The word stems from the Dutch word loterij, which is derived from the noun lot meaning fate or destiny, pull-tab The game manager operates the game by selling tickets and distributing cash prizes. The tickets may also be provided by mechanical pull-tab dispensers. The pull-tab tickets are multi-layered paper tickets containing symbols hidden behind perforated tabs. Several different games may be offered for sale at any one time; each may have different games and scratchcards A scratchcard is a small token, usually made of cardboard, where one or more areas contain concealed information: they are covered by a substance (usually latex) that cannot be seen through, but can be scratched off, and Mahjong Mahjong is a game for four players that originated in China. Variations for three players are found in Korea, Japan and Malaysia. It is known as three player mahjong. By far, the most common form is the four-sided mahjong.

Other non-casino gambling games include:

*Although coin tossing isn't usually played in a casino, it has been known to be an official gambling game in some Australian casinos[9]

Fixed-odds betting

Main article: Fixed-odds betting

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.[10] Interactive prediction markets also offer trading on these outcomes, with "shares" of results trading on an open market.

Parimutuel betting

Tokyo Racecourse in Tokyo, Japan. Main article: Parimutuel betting

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.

Sports betting

Main article: Sports betting

Betting on team sports has become an important service industry in many countries. For example, millions of Britons play the football pools every week. 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.

Arbitrage betting

Main article: Arbitrage betting

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.

Other types of betting

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)

Staking systems

Main article: Betting strategy

Many betting systems have been created in an attempt to "beat the bookie" but most still accept that no system can make an unprofitable bet profitable over time. Widely used systems include:

Other uses of the term "gambling"

Many risk-return choices are sometimes referred to colloquially as "gambling." Whether this terminology is acceptable is a matter of debate:

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:

Psychological aspects

Main article: Problem gambling

Studies show that though many people participate in gambling as a form of recreation or even as a means to gain an income, gambling, like any behavior which involves variation in brain chemistry, can become a psychologically addictive and harmful behavior in some people. Reinforcement schedules may also make gamblers persist in gambling even after repeated losses.

The Russian writer Dostoevsky (himself a problem gambler) portrays in his novella The Gambler the psychological implications of gambling and how gambling can affect gamblers. He also associates gambling and the idea of "getting rich quick", suggesting that Russians may have a particular affinity for gambling. Dostoevsky shows the effect of betting money for the chance of gaining more in 19th-century Europe. The association between Russians and gambling has fed legends of the origins of Russian roulette.

By country

See also

References

  1. ^ United Kingdom Office of Public Sector Information: Definition as Gaming
  2. ^ Gambling Law US
  3. ^ UK Gambling Commission
  4. ^ http://www.economist.com/node/16539402
  5. ^ Barlow, Rich (2007-12-02). "Gambling had role in religious history". The Boston Globe. http://www.boston.com/news/local/articles/2007/12/01/gambling_had_role_in_religious_history/.
  6. ^ Berel Wein. "Gambling". torah.org. http://www.torah.org/features/secondlook/gambling.html. Retrieved 20 July 2010.
  7. ^ International Association of Gaming Regulators: Members
  8. ^ Nevada State Gaming Control Board: Technical Standards (Adopted)
  9. ^ Gambling Info - The Game of Two up
  10. ^ ABC.net: US election betting backs Bush

External links

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If I win over 3000 gambling but bet 4000 and loose 1000 for the year do I have to report anything on my taxes?
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A. Legally you have to claim your winnings, whether it was one big win or several small ones. You can only deduct losses up to the amount of your winnings, and then only if you itemize and if you have the required documentation.
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