The term gambling, which originated from the Middle English gamenen (“to play”), refers to taking part in the betting or staking of something of value, whether money or possessions, on the uncertain outcome of a game with the consciousness of risk and the hope of gain, all of which comes down to chance. Gambling stakes are based on a contingency of game results that are determined by chance or accident and sometimes by a combination of strategy and chance; whereas knowledge of the game is beneficial for playing poker, it is of trivial value in lottery, bingo, and slot machines. Whereas generally the connotation of the terms gamble and gambling may run afoul of criminal laws, the term gaming—with the exception of the U.K. Gambling ...

  • Loading...
locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles