Gambling is staking money or some material value at a particular event with a vague outcome and a chief intention of winning extra money or goods. Basically, the result of stake is clear in a certain period of time.
The term Gambling particularly in this context implies to examples in which it is legally permitted by law. Gambling is combination of two different words gaming and legal. Gambling is mainly chosen by people as a recreational activity. Most of the people play this game for fun and earn extra money. It is very difficult to overcome addiction to gambling.
Gambling is often seen as a medium of escape from worldly tensions and worries by many people who are going through a difficult phase. Today there are several forms of gambling which are practiced in casinos and clubs worldwide:
1. Casino games and Table games: These games have different types which are practiced in different countries.
2. Electronic gambling: Electronic gambling is further divided in to various kinds:
b) Video Poker
c) Slot Machine
3. Bingo and Keno are other forms of gambling.
Bingo and Poker are today played online as well. Now, people who do not actually have time to visit casinos and clubs can enjoy their game online easily. There are several websites offering permission to play these games for a little money.
4. Non-casino gambling games
All those gambling games that are played outside the casinos are known as Non-casino gambling games. These games include lotteries, dead pool, Mahjong, scratch cards, pull tabs and lotteries.
a) The non casino Card games are Basset, bridge, Liar’s poker, piquet, lansquenet, bridge, teen patti, put, etc.
b) Carnival games include Hanky pank or the Razzle. Coin tossing games like two up, head and tail.
c) Confidence tricks like shell game or three card monte.
d) Diced based non casino games like liar’s dice, backgammon, threes, Passe-dix, Mexico or pig.
e) Although coin tossing is not played in casinos, but in Australia it is an official game in few casino’s
5. Fixed-odds gambling
Pari-mutuel betting and fixed odds gambling regularly occur at different kinds of political elections and sporting events. Also many bookmakers give fixed odds on various non sports related results, for instance, the extent and direction of movement of several financial indices, the winners of different TV reality shows like big brother and election results.
6. Pari-mutuel betting
One of the most popular forms of gambling includes betting on grey hound or horse. It is a major form of gambling practiced in various countries. Staking may happen through bookmakers, pari-mutuel pools or personally. Pari-mutuel gambles pay off the cost calculated by support in staking pool, whereas bookmakers pay either at median odds given by track book makers when the race begins or odds given during the time of accepting the bet.
7. Sports betting
Betting on sports game is practiced in almost every country of the world. For instance, thousands of Britons play football pools each week. Apart from organized sports betting, both illegal and legal betting also takes place.