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.
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References in periodicals archive ?
To constitute a wagering contract there must be proof that the contract was entered into upon terms that the performance of the contract should not be demanded.
Therefore all sports betting contracts would tend to be wagering contracts. Wagering contracts under the Indian Contract Act 1872 are voidable contracts.
(51) Thus, a person is not permitted to seek insurance on himself based on collusion with others when really the transaction is a mere disguise for a wagering contract. (52) In other words, a person seeking insurance on himself "must really, not just nominally, be the person who contracts with the insurance company." (53) Occasionally, the person seeking insurance is not the true applicant.
The crux is whether the policy was a wagering contract at the time it became effective as a contract.
The blurring of wagering contracts (16) with insurance contracts became prevalent in eighteenth-century England.
(28.) In spite of these statutes, English common law enforced wagering contracts outside of the context of insurance until 1845.
R Moodie, "Gaming and Wagering Contracts: Part I", (1975) 8 Victoria University of Wellington Law Review 22
R Moodie, "Gaming and Wagering Contracts: Part II", (1975) 8 Victoria University of Wellington Law Review 170
S Wellik, "Enforcing Wagering Contracts", (1999) 29 Victoria University of Wellington Law Review 371
(10.) R Moodie, "Gaming and Wagering Contracts: Part I", (1975) 8 Victoria University of Wellington Law Review 22; R Moodie "Gaming and Wagering Contracts: Part II", (1975) 8 Victoria University of Wellington Law Review 170.
The Sixth Circuit, however, dismissed the notion of a wagering contract by determining that there was a valid life insurance contract under state law.