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Gambling is the wagering of something of value on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration, risk (chance), and a prize. 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 gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances, is the incorrect belief that, if a particular event occurs more frequently than normal during the past, it is less likely to happen in the future, when it has otherwise been established that the probability of such events does not depend on what has happened in the past. Such events, having the quality of historical independence, are referred to as statistically independent. The fallacy is commonly associated with gambling, where it may be believed, for example, that the next dice roll is more than usually likely to be six because there have recently been fewer than the expected number of sixes.
Spread betting is any of various types of 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, such as fixed-odds betting or parimutuel betting.
A game of chance is in contrast with a game of skill. It is a game whose outcome is strongly influenced by some randomizing device. Common devices used include dice, spinning tops, playing cards, roulette wheels, numbered balls, or in the case of digital games; random number generators. A game of chance may be played as gambling if players wage money or anything of monetary value.
Two-up is a traditional Australian gambling game, involving a designated "spinner" throwing two coins or pennies into the air. Players bet on whether the coins will fall with both heads (obverse) up, both tails (reverse) up, or with one coin a head and one a tail. It is traditionally played on Anzac Day in pubs and clubs throughout Australia, in part to mark a shared experience with Diggers through the ages.
Sports betting is the activity of predicting sports results and placing a wager on the outcome.
Cee-lo is a gambling game played with three six-sided dice. There is not one standard set of rules, but there are some constants that hold true to all sets of rules. The name comes from the Chinese Sì-Wŭ-Liù (四五六), meaning "four-five-six". In America it is also called "See-Low," "Four-Five-Six," "The Three Dice Game," "Roll-off!," and by several alternative spellings, as well as simply "Dice." In China it is also called "Sān Liù Bàozi" (三六豹子), or "Three-Six Leopards". In Japan, it is known as "Chinchiro" (チンチロ) or "Chinchirorin" (チンチロリン).
Tourism is a major industry in Macau. It is famous for the blend of Portuguese and Chinese cultures and its gambling industry, which includes Casino Lisboa, Macau, Sands Macau, The Venetian Macao, and Wynn Macau.
The numbers game, also known as the numbers racket, the Italian lottery, Mafia lottery or the daily number, is a form of illegal gambling or illegal lottery played mostly in poor and working class neighborhoods in the United States, wherein a bettor attempts to pick three digits to match those that will be randomly drawn the following day. For many years the "number" has been the last three digits of "the handle", the amount race track bettors placed on race day at a major racetrack, published in racing journals and major newspapers in New York.
In decision theory, the Ellsberg paradox is a paradox in which people's decisions are inconsistent with subjective expected utility theory. Daniel Ellsberg popularized the paradox in his 1961 paper, “Risk, Ambiguity, and the Savage Axioms”. John Maynard Keynes published a version of the paradox in 1921. It is generally taken to be evidence of ambiguity aversion, in which a person tends to prefer choices with quantifiable risks over those with unknown, incalculable risks.
Gambling in the United Kingdom is regulated by the Gambling Commission on behalf of the government's Department for Digital, Culture, Media and Sport (DCMS) under the Gambling Act 2005. This Act of Parliament significantly updated the UK's gambling laws, including the introduction of a new structure of protections for children and vulnerable adults, as well as bringing the burgeoning Internet gaming sector within British regulation for the first time.
Mobile gambling refers to playing games of chance or skill for money by using a remote device such as a tablet computer, smartphone or a mobile phone with a wireless internet connection. Over a hundred mobile casinos were operating as of December 2013, with most of the big casino operators in gambling now providing a mobile platform for their player base.
Games Gamblers Play is a 1974 Hong Kong comedy film directed by and starring Michael Hui, with action direction by Sammo Hung. The film also co-stars Sam Hui, who also served as one of the film's music composers.
Betsson AB is a Swedish company that offers a number of online gambling products, such as casino, poker, bingo, sports betting and scratch cards through more than 20 online gaming brands including Betsson, Betsafe and NordicBet. Betsson AB is listed on the Nasdaq Stockholm Large Cap List.
The British Columbia Lottery Corporation is a Canadian Crown corporation offering a range of gambling products including lottery tickets, casinos and legal online gambling. It is based in Kamloops, with a secondary office in Vancouver. It consists of three business units, Lottery, Casino and eGaming; and five support divisions, Human Resources, Information Technology, Compliance & Security, Finance, and Communications. Its annual revenues exceed CDN $3.1 billion. It has 890 direct employees. Its service providers, who run casinos on its behalf under contract, have an additional 8,300 employees.
The Best Bet is a Singaporean comedy film written and directed by Jack Neo and distributed by MediaCorp Raintree Pictures. The film stars Richard Low, Mark Lee, Christopher Lee, Chen Liping and Joanne Peh.
Gambling in the Philippines has been present in the country since at least the sixteenth century. Various legal and illegal forms of gambling are found almost all over the archipelago. The government manages gambling through the Philippine Amusement and Gaming Corporation (PAGCOR) a state-owned enterprise which both operates a number of individual casinos and in turn acts as a regulator to privately owned casino operators. Since 2016 PAGCOR has also granted operating licenses and overseen the regulation of growing online gambling sector serving offshore markets. Casino gambling and integrated resorts have become a key component of the Philippines appeal as a tourist destination with more than twenty casinos found in Metro Manila alone.
Matka gambling or satta is a form of betting and lottery which originally involved betting on the opening and closing rates of cotton transmitted from the New York Cotton Exchange to the Bombay Cotton Exchange. It originates from before the era of Indian independence when it was known as Ankada Jugar. In the 1960s, the system was replaced with other ways of generating random numbers, including pulling slips from a large earthenware pot known as a matka, or dealing with playing cards.
Gambling in Nigeria is not well regulated. Although there is a gambling law in place, many illegal casinos operate in the country. The legal land-based casinos are located in the two largest cities. The biggest casino is The Federal Palace Hotel in Lagos. Nigerian law focuses on activities to reduce money laundering and illegal gambling.
Betting on horse racing or horse betting commonly occurs at many horse races. Modern horse betting started in Great Britain in the early 1600s during the reign of King James I. Gamblers can stake money on the final placement of the horses taking part in a race. Gambling on horses is, however, prohibited at some racetracks. For example, because of a law passed in 1951, betting is illegal in Springdale Race Course, home of the nationally renowned Toronto-Dominion Bank Carolina Cup and Colonial Cup Steeplechase in Camden, South Carolina.
References
- ↑ "EXPLORING INFORMAL GAMBLING IN GAUTENG TOWNSHIPS" (PDF). South African Responsible Gambling Foundation. Retrieved 3 August 2017.
- 1 2 3 "African Voices News". African Voices. Archived from the original on 2005-03-12. Retrieved 2009-06-03.
- ↑ Mabote, Rams (17 September 2008). "No Mo-China, not now, not ever" . Retrieved 3 August 2017.
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