Wagering contracts defined as agreements where parties have no interest beyond the stake, guiding classification of bets and lotteries. A wagering contract arises where two parties, holding opposite views on an uncertain future event, agree that one will win and the other will pay a stake, ... Summary
Wagering contracts defined as agreements where parties have no interest beyond the stake, guiding classification of bets and lotteries.
A wagering contract arises where two parties, holding opposite views on an uncertain future event, agree that one will win and the other will pay a stake, with neither party having any interest other than the stake; reciprocal risk is essential and the absence of the possibility of loss or gain for a party excludes the arrangement. Prize-money payments on lottery tickets are treated as falling within this expression.
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