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Gambling is defined as staking something on a contingency. Also known as betting or wagering, it means risking money on an event that has an uncertain outcome and heavily involves chance. Like investors, gamblers must carefully weigh the amount of capital they want to put into play.
3.1 Wagering is a generic term that encompasses within its ambit, the various acts of gambling and betting. It may or may not require an opposite party. In some instances, the operator conducts the process of gambling through various schemes. It involves people predicting the occurrence or non-occurrence of an event.