Gambling

Gambling (or betting) is any behavior involving risking money or property (making a wager or placing a stake) on the outcome of a game, contest, or other event in which the outcome of that activity depends partially or totally upon chance or upon one's ability to do something.

Believers in the old saying about "never putting good money after bad money" offer this wisdom as a good way to keep gambling an entertaining pleasure and to stay away from gambling addiction. The saying suggests that after losing wagered money one should stop gambling and just accept the loss, instead of continuing to bet and losing even more.

In extended usage, gambling may also refer to engaging in any high-risk behavior in which decisions occur based upon incomplete knowledge - for example, high-risk stock investments (see speculation), difficult and potentially costly business or non-business ventures, or even personal relationships.

Gambling games may predate recorded history, with examples recorded in virtually all of the ancient civilizations.

Because religious authorities generally frown on gambling to some extent, and because of various perceived social costs, most legal jurisdictions censure gambling to some extent. Islamic nations officially prohibit gambling; most other countries regulate it. In particular, in the majority of circumstances - and perhaps all cases - the law does not recognise wagers as contracts, and views any consequent losses as debts of honour, unenforceable by legal process. Thus organized crime often takes over the enforcement of large gambling debts, sometimes using violent methods.

Because contracts of insurance have many features in common with wagers, legislation generally makes a distinction, typically defining any agreement in which either one of the parties has an interest in the outcome bet upon, beyond the specific financial terms, as a contract of insurance. Thus a bet on whether one's house will burn down becomes a contract of insurance, as one has an independent interest in the security of one's home.

Furthermore, many jurisdictions, local as well as national, either ban or heavily control (license) gambling. Such regulation generally leads to gambling tourism and illegal gambling - the latter often under the auspices of organized crime. Such involvement frequently brings the activity under even more severe moral censure and leads to calls for greater regulation. Conversely, the close involvement of governments (through regulation and gambling taxation) has led to a close connection between many governments and gambling organisations, where legal gambling provides much government revenue. Note Monaco.

There is generally legislation requesting that the odds in gambling machines are fair (i.e. statistically random), to prevent manufacturers from making some high-payoff results impossible (since these have very low probability, this can quite easily pass unnoticed).

Though many participate in gambling as a form of recreation or even as a means to gain an income, gambling, like any behavior which involves variation in brain chemistry, can become a psychologically addictive and harmful behavior in some people. Reinforcement phenomena may also make gamblers persist in gambling even after repeated losses. Because of the negative connotations of the word "gambling", casinos and race tracks often use the euphemism "gaming" to describe the recreational gambling activities they offer.

The Russian writer Dostoevsky portrays in his short story The Gambler the psychological implications of gambling and how gambling can affect gamblers. He also associates gambling and the idea of "getting rich quick", suggesting that Russians may have a particular affinity for gambling. Dostoevsky shows the effect of betting money for the chance of gaining more in 19th-century Europe. The association between Russians and gambling has fed legends of the origins of Russian roulette.

Many organizations exist to help individuals with a gambling addiction. They include Gamblers Anonymous and Gambler's Help (Australia).

"Beatable" casino games

With proper strategy, a smart player can create a positive mathematical expectation.

* Poker (Also recognised as a game of skill)
* Blackjack -- with card counting
* Video poker -- with proper pay table or progressive jackpot
* Pai Gow Poker and Tiles -- player-dealt
* Sports betting
* Horse racing (parimutuel)
* Slot machines -- only linked, multi-player jackpots whose prizes have reached a certain point


"Unbeatable" casino games

All players must lose in the long run, no matter what strategy they choose.

* Baccarat
* Craps
* Roulette
* Keno
* Casino war
* Faro (All but extinct in recent times)
* Pachinko
* Sic Bo
* Let It Ride
* 3-card Poker
* 4-card poker
* Red Dog
* Pyramid Poker
* Caribbean Stud Poker
* Spanish 21 -- without counting

Non-casino gambling games

* Lottery
* Mahjong
* Fan-Tan
* Dice-based
o Backgammon
o Liar's dice
o Passe-dix
o Hazard
* Card games
o Liar's poker
o Bridge
o Basset
o Lansquenet
o Piquet
o Put
* Coin-tossing
o Head and Tail
o Two-up (Australian casinos offer versions of two-up)
* Confidence tricks
o Three card monte
o The shell game
* Carnival Games
o The Razzle
o Hanky Pank
o Penny Falls
o Six-Cat
o The Swinger
o The Push-up Bottle
o The Nail Joint
* Con Games (in bars)
o Put and Take
o The Smack
o The Drunken Mitt