Gambling

Gordon Calleja & Darryl Woodford

Gambling, in its strictest sense, is the staking of any form of valuable item on a game of chance. By this definition, the staking of a bet on, for example, a game of football or pool is not gambling; however, in contemporary parlance it is widely accepted to be so. Gambling is often referred to as “gaming.” In the United Kingdom, for example, the regulation of gambling takes place under the Gaming Act. The words are often used interchangeably, but technically gaming refers to the operators of gambling companies, as opposed to the individual games that they may offer; “The gaming company offers gambling services.” Under the definition offered above, services such as insurance and markets such as the stock exchange could be considered gambling. These are often not considered as such on the basis that an involved party has an interest in the outcome of the bet beyond the ...

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