Wagering Contract - Indian Laws - General

Wagering Contract As per Advanced Law Lexicon by P Ramanatha Aiyar s Wagering Contract- A wagering contract is one by which two persons, professing to hold opposite views touching the issue of a future uncertain event, mutually agree that, dependant on the determination of that event, one shall win from the other, and that other shall pay or hand over to him, a sum of money or other stake; neither of the parties having any other interest in that contract than the sum or stake he will win or lose, there is no other consideration for making of such contract by either of the parties. If either of the parties may win but cannot lose or may lose but cannot win, it is not a wagering contract [ Carlill vs Carbolic Smoke Ball co. [1892 (2) QB 484 ] An agreement for payment of prize money on a lottery ticket comes within the ambit of the expression wagering contract as contemplated under Section 30 of the Act. [ Subhash Kumar Manwani vs State of MP, AIR 2000 MP 109, 110 ] As per Black s Law Dictionary Wager A contract by which two or more parties agree that a certain sum of money or other thing shall be paid or delivered to one of them or that they shall gain or lose on the happening of an uncertain event or upon the ascertainment of a fact in dispute, where the parties have no interest in the event except that arising from the possibility of such gain or loss. The word wagering is practically synonymous with the words betting and gambling and the terms are so used in common parlance and in statutory and constitutional enactments. (Mc Donald v Bryant, 238 Ark. 338, 381 S.W.2d 736, 738) GAMESKRAFT TECHNOLOGIES PRIVATE LIMITED - 2023 (5) TMI 926 - KARNATAKA HIGH COURT