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Gambling - Essay Example

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Summary
Some people work hard to make earnings while others invest their already earned resources, let people work on their investments and earn returns on their investments. Similarly, some individuals have special…
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Gambling

Download file to see previous pages... Regardless of the consciousness, the practice involves some form of potential gain to the involved parties. Gambling defines a game or a bet with uncertain result that aims at deriving a benefit. It involves parties that make a bet over an unpredictable outcome, at a sacrifice, and the person who is favored by the game’s outcome benefits from the sacrifices at the expense of the other parties (Johnson, 2011).
The first element of gambling is therefore existence of a game whose results are not known at the time of the parties’ entry into the gamble. The game either may involve the parties or may be independent in such a way that the parties are just but observers. An example of a game that involves the parties is a dice throwing game by the parties with a defined outcome as a win. The parties may also engage in a sport in which the winner of the sports becomes the winner of the gamble. Alternatively, it may involve a game that is being played by different parties. An example is a competitive football match or tournament such the United States premier league or a game in the premier league. In either of the cases, the result of the game that determines the winner and the looser in the gamble is uncertain at the time the parties enters into the gamble and is determinate later (Johnson, 2011).
Another essential element that defines a gamble is the associated reward that it involves. This is because its basis involves a bet in which a party relinquishes rights over a property. The property is then put under custody with its possession determined by the outcome of the subject game. If the results favor a party’s position in the gamble then he or she becomes the owner of the property that was put on the particular gamble. Any other party who is not favored by the results of the game therefore loses their property in the game. This is the general rule of gambling that depends on lack to benefit a party based on taken chances (Johnson, ...Download file to see next pagesRead More
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