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The Many Facets of Gambling

Gambling can mean many things depending on the cultural and historical circumstances in which it is used. As of this moment, the Western society defines it as "betting money or something else that has material significance on an event with an unpredictable result with the main purpose of gaining additional money or material goods." Usually, the outcome of the bet can be known within a short span of time.

Legal aspects

Because religious authorities consider gambling as a taboo to some extent, and because gambling can have undesirable effects on the society, many legal authorities control gambling to some extent. Some Islamic nations disallow gambling; most other countries standardize it. Many national laws do not acknowledge wagers as contracts and considers ensuing losses as dbets of honour, not legally sanctioned. Because of this, organized crime takes advantage of the operation of large gambling credits, sometimes resorting to violent means.

Because contracts of insurance have various features similar to wagers, legislation puts a distinction, identifying any agreement in which either one of the participants shows interest in the resulting bet, outside of the specific financial terms, as a contract of insurance. Hence, a wager on whether one's house be destroyed by fire becomes a contract of insurance since one of the individuals declared a separate interest in the security of one's home.

In addition, many authorities, local as well as national, either prohibit or put stiff regulations (by licensing) on gambling. Such control generally leads to gambling tourism and illegal gambling, often supported by organized crimes. Such participation frequently brings the activity under even more stricter moral criticism resulting to moves for greater control. On the other hand, the close connection of governments (through regulation and gambling taxation) brought about the close participation of government and gambling agencies, where legal gambling brings much government income.

In general, legislation requires that the stakes in gambling machines be fair (i.e. statistically random), to discourage manufacturers from causing some high-payoff outcomes impossible (since probability is low, this can proceed undetected). Psychological aspects

While participation in gambling may be recreational or as a means to gain income, it can bring about psychological addicition as well as detrimental behavior in some people. Reinforcement incidents causes gamblers to continue despite recurring losses. Because of the negative implications of the word "gambling", casinos and race tracks often use the term "gaming" to underscore the recreational gambling activities they present.

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