Gaming Contract

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Gaming Contract

A contract in which participants agree to play a game of chance. For example, if two friends make a bet on who will win the World Series, they have entered a gaming contract and the loser is obliged to pay the winner the agreed-upon amount. However, a gaming contract may not be enforceable in a jurisdiction where gambling is illegal.
References in periodicals archive ?
Wagering contracts under the Indian Contract Act 1872 are voidable contracts.
It shall further include wager, wagering contract, totalisator and pool transaction in relation to any game or sport but shall not include a lottery or betting on a horse race when such betting takes place-
Such consent is persuasive, "further vindicat[ing] the public policy designed to prevent wagering contracts on which the insurable interest rule is grounded" (Dou, Chem.
The public policy against wagering contracts and use of life insurance policies as a means for speculation for profit on people's lives dictates that there must be a valid insurable interest in any issuance of a life insurance policy.