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A âwagerâ can be described as, follows: âThe agreement of gaming and wageringâ is that one party is to win and the other e upon a future every which at the time C the contract is of an a in nature - that is to say, if the event turns out one way A will lose; I it turns out the other way he will win.â.
Gambling is the wagering of money or something of material value (referred to as the stakes) on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Gambling thus requires three elements be present: consideration, chance and prize.