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Essential elements of a wagering agreement

  • There should be a promise to pay money or money’s worth: If the agreement between the parties is without a promise to pay money or money’s worth, it is not wagering. There must be an intention to play a gamble on part of both the parties.
  • The promise must depend on the happening or non happening of an event: The performance must depend upon the determination of an uncertain event. An event, on which the performance is dependent, could be related to the past or the future and should not be known to any parties.
  • Mutual chances of gain or loss: There must be chances of winning or losing for both the parties. If a party can win and not loose or loose and cannot win then it is not a wagering agreement.
  • Neither party should have any control over the event: Neither party should have control over the event or any interest in the event other than the sum or stake he will lose or gain.

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