Gambling is the wagering of money or something of material value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Typically, the outcome of the wager is evident within a short period.

The term gaming in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; ''i.e.'', a “gaming” company offers (legal) “gambling” activities to the public and may be regulated by one of many gaming control boards, for example, the Nevada Gaming Control Board. However, this distinction is not universally observed in the English-speaking world. For instance, in the UK, the regulator of gambling activities is called the Gambling Commission (not the Gaming Commission). Also, the word ''gaming'' is frequently used to describe activities that do not involve wagering, especially online.

Gambling is also a major international commercial activity, with the legal gambling market totaling an estimated $335 billion in 2009. In other forms, gambling can be conducted with materials which have a value, but aren't real money; for example, games like Pogs or Magic: The Gathering.

History

Religious

Religious perspectives on gambling have been mixed. Both the Catholic and Jewish traditions have even set aside days for gambling, (for Jews Hanukkah), although religious authorities generally disapprove of gambling. Ancient Jewish authorities frowned on gambling, even disqualifying professional gamblers from testifying in court. Gambling has often been seen as having social consequences. For these social and religious reasons, most legal jurisdictions limit gambling. Some Islamic nations prohibit gambling; most other countries regulate it.

Origins

Many popular games played in modern casinos originate from Europe and China. Games such as craps, baccarat, roulette, and blackjack originate from different areas of Europe. A version of keno, an ancient Chinese lottery game, is played in casinos around the world. In addition, pai gow poker, a hybrid between pai gow and poker is also played.

Regulation

Many jurisdictions, local as well as national, either ban or heavily control (by licensing) gambling. Such regulation generally leads to gambling tourism and illegal gambling in the areas where it is not allowed. The involvement of governments, through regulation and taxation, has led to a close connection between many governments and gaming organizations, where legal gambling provides significant government revenue, such as in Monaco or Macau.

United States

Under US federal law, gambling is legal in the United States, and states are free to regulate or prohibit the practice. Gambling has been legal in Nevada since 1931, forming the backbone of the state's economy, and the city of Las Vegas is perhaps the best known gambling destination in the world. In 1976, gambling was legalized in Atlantic City, New Jersey, and in 1990, it was legalized in Tunica, Mississippi; both of those cities have developed extensive casino and resort areas since then. Since a favorable U.S. Supreme Court decision in 1987, many Native American tribes have built their own casinos on tribal lands as a way to provide revenue for the tribe. Because the tribes are considered sovereign nations, they are often exempt from state laws restricting gambling, and are instead regulated under federal law. Additionally, almost all states have legalized gambling in the form of a state-run lottery and most states allow for limited non-profit organizations to host Bingo nights.

Insurance

Because contracts of insurance have many features in common with wagers, insurance contracts are often distinguished under law as agreements in which either party has an interest in the "bet-upon" outcome ''beyond'' the specific financial terms. ''E.g.'': a “bet” with an insurer on whether one's house will burn down is not gambling, but rather ''insurance'' — as the homeowner has an obvious interest in the continued existence of his/her home ''independent of'' the purely financial aspects of the "bet" (''i.e.'', the insurance policy). Nonetheless, both insurance and gambling contracts are typically considered aleatory contracts under most legal systems, though they are subject to different types of regulation.

There is generally legislation requiring that the odds in gaming devices are statistically random, to prevent manufacturers from making some high-payoff results impossible. Since these high-payoffs have very low probability, a house bias can quite easily be missed unless checking the odds carefully.

Types of gambling

Casino games

While almost any game can be played for money, and any game typically played for money can also be played just for fun, some games are generally offered in a casino setting.

Table games

Electronic gaming

Pachinko

Slot machine

Video poker

Other gambling

Bingo

Keno

Non-casino gambling games

Gambling games that take place outside of casinos include Bingo (as played in the US and UK), dead pool, lotteries, pull-tab games and scratchcards, and Mahjong.

Other non-casino gambling games include:

Card games, such as Liar's poker, Bridge, Basset, Lansquenet, Piquet, Put, Teen patti

Carnival Games such as The Razzle or Hanky Pank

Coin-tossing games such as Head and Tail, Two-up*

Confidence tricks such as Three-card Monte or the Shell game

Dice-based games, such as Backgammon, Liar's dice, Passe-dix, Hazard, Threes, Pig, or Mexico

*Although coin tossing isn't usually played in a casino, it has been known to be an official gambling game in some Australian casinos

Fixed-odds betting

Fixed-odds betting and Parimutuel betting frequently occur at many types of sporting events, and political elections. In addition many bookmakers offer fixed odds on a number of non-sports related outcomes, for example the direction and extent of movement of various financial indices, the winner of television competitions such as ''Big Brother'', and election results. Interactive prediction markets also offer trading on these outcomes, with "shares" of results trading on an open market.

Parimutuel betting

One of the most widespread forms of gambling involves betting on horse or greyhound racing. Wagering may take place through parimutuel pools, or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in the wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started.

Sports betting

Betting on team sports has become an important service industry in many countries. For example, millions of Britons play the football pools every week. In addition to organized sports betting, both legal and illegal, there are many side-betting games played by casual groups of spectators, such as NCAA Basketball Tournament Bracket Pools, Super Bowl Squares, Fantasy Sports Leagues with monetary entry fees and winnings, and in-person spectator games like Moundball.

Arbitrage betting

Arbitrage betting is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event, regardless of the outcome. Arbitrage betting is a combination of the ancient art of arbitrage trading and gambling, which has been made possible by the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage.

Other types of betting

One can also bet with another person that a statement is true or false, or that a specified event will happen (a "back bet") or will not happen (a "lay bet") within a specified time. This occurs in particular when two people have opposing but strongly held views on truth or events. Not only do the parties hope to gain from the bet, they place the bet also to demonstrate their certainty about the issue. Some means of determining the issue at stake must exist. Sometimes the amount bet remains nominal, demonstrating the outcome as one of principle rather than of financial importance.

Betting exchanges allow consumers to both back and lay at odds of their choice. Similar in some ways to a stock exchange, a bettor may want to back a horse (hoping it will win) or lay a horse (hoping it will lose, effectively acting as bookmaker)

Staking systems

Many betting systems have been created in an attempt to "beat the bookie" but most still accept that no system can make an unprofitable bet profitable over time. Widely used systems include:

Card counting - Many systems exist for Blackjack to keep track of the ratio of ten values to all others; when this ratio is high the player has an advantage and should increase the amount of their bets. Keeping track of cards dealt confers an advantage in other games as well.

Due-column betting – A variation on fixed profits betting in which the bettor sets a target profit and then calculates a bet size that will make this profit, adding any losses to the target.

Fixed profits – the stakes vary based on the odds to ensure the same profit from each winning selection.

Fixed stakes – a traditional system of staking the same amount on each selection.

Kelly – the optimum level to bet to maximize your future median bank level.

Martingale – A system based on staking enough each time to recover losses from previous bet(s) until one wins.

Other uses of the term "gambling"

Many risk-return choices are sometimes referred to colloquially as "gambling." Whether this terminology is acceptable is a matter of debate:

Emotional or physical risk-taking, where the risk-return ratio is not quantifiable (e.g., skydiving, campaigning for political office, asking someone for a date, etc.)

Insurance is a method of shifting risk from one party to another. Insurers use actuarial methods to calculate appropriate premiums, which is similar to calculating gambling odds. Insurers set their premiums to obtain a long term positive expected return in the same manner that professional gamblers select which bets to make. While insurance is sometimes distinguished from gambling by the requirement of an insurable interest, the equivalent in gambling is simply betting against one's own best interests (e.g., a sports coach betting against his own team to mitigate the financial repercussions of a losing season).

Situations where the possible return is a secondary reason for the wager/purchase (e.g. buying a raffle ticket to support a charitable cause)

Investments are also usually not considered gambling, although some investments can involve significant risk. Examples of investments include stocks, bonds and real estate. Starting a business can also be considered a form of investment. Investments are generally not considered gambling when they meet the following criteria:

Economic utility

Positive expected returns (at least in the long term)

Underlying value independent of the risk being undertaken

Some speculative investment activities are particularly risky, but are sometimes perceived to be different from gambling:

Foreign currency exchange (forex) transactions

Prediction markets

Securities derivatives, such as options or futures, where the value of the derivative is dependent on the value of the underlying asset at a specific point in time (typically the derivative's associated expiration date)

Psychological aspects

Studies show that though many people 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 schedules may also make gamblers persist in gambling even after repeated losses.

The Russian writer Dostoevsky (himself a problem gambler) portrays in his novella ''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.

By country

See also

References

External links

Center for Gaming Research - at University of Nevada, Las Vegas

Institute for the Study of Gambling and Commercial Gaming at the University of Nevada, Reno

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name	Michael Souza
ntl team	Italy
position	Forward
team	Bolzano-Bozen Foxes
league	Serie A
former teams	SG Cortina (Serie A) EHC Olten (NLB) EHC Basel (NLA) Cologne Sharks DEL Hershey Bears (AHL) Portland Pirates (AHL) Florence Pride (ECHL) Bridgeport Sound Tigers (AHL) Norfolk Admirals (AHL) New Hampshire Wildcats (HE)
shoots	Left
height ft	6
height in	1
weight lb	210
birth date	January 28, 1978
birth place	Wakefield, Massachusetts
draft	67th overall
draft team	Chicago Blackhawks
draft year	1997
career start	2000 }}

Michael Souza, (born January 28, 1978) often referred to as Mike Souza, is a professional ice hockey forward who currently plays for the Bolzano-Bozen Foxes of the Serie A. Born and raised in the United States, Souza later gained Italian Citizenship and participated at the 2009 and 2010 IIHF World Championship as a member of the Italy men's national ice hockey team.

Playing career

Souza was born in Wakefield, Massachusetts. Souza attended the University of New Hampshire from 1996 to 2000. He is a cousin of fellow UNH player Paul Thompson. In 1997 Souza was drafted 67th overall by the Chicago Blackhawks in the 1997 NHL Entry Draft. At UNH Souza was noted for his speed and skating skill. In 1999 UNH reached the championship game of the 1999 NCAA Division I Men's Ice Hockey Tournament. In the championship game Souza scored a key goal in the third period to force overtime. Maine won in overtime, however. In 2000 Souza was a member of the Hockey East All Star team.

After leaving UNH he played in the AHL for three seasons with the Norfolk Admirals and the Bridgeport Sound Tigers. In 2001 and 2002 he attended the Chicago Blackhawks' training camp. The next two seasons Souza split his time between the ECHL and the AHL, playing for the Florence Pride and Reading Royals of the ECHL, and the Portland Pirates, Bridgeport Sound Tigers, and Hershey Bears of the AHL.

In 2005 Souza began to play in Europe. In the 2005–06 season Souza played for the Cologne Sharks of the Deutsche Eishockey Liga, EHC Basel of the Swiss National League A, and EHC Olten of the Swiss National League B. In 2006 he moved to Italy to play in the Serie A. He played with SG Cortina for four seasons before moving to the Bolzano-Bozen Foxes in 2010.

Career statistics

! GP!!Goal (ice hockey)

				Regular season						Playoffs
! Season!!Team!!League	G!!A!!Pts!!PIM	! GP!!G!!A!!Pts!!PIM
1996–97				39	15	11	26	20		—	—	—	—	—
1997–98	U. of New Hampshire	HE		38	13	12	25	36		—	—	—	—	—
1998–99	U. of New Hampshire	HE		41	23	42	65	38		—	—	—	—	—
1999–2000	U. of New Hampshire	HE		38	15	25	40	58		—	—	—	—	—
	Norfolk Admirals			75	14	17	31	44		3	0	0	0	2
	Norfolk Admirals	AHL		66	20	11	31	58		—	—	—	—	—
	Norfolk Admirals	AHL		5	2	2	4	7		—	—	—	—	—
2002–03	Bridgeport Sound Tigers	AHL		59	7	15	22	89		9	0	1	1	12
	Florence Pride	ECHL		17	8	13	21	29		—	—	—	—	—
	Portland Pirates	AHL		27	5	5	10	16		—	—	—	—	—
2003–04	Bridgeport Sound Tigers	AHL		14	4	1	5	22		—	—	—	—	—
	Reading Royals	ECHL		12	6	3	9	20		—	—	—	—	—
	Hershey Bears	AHL		53	14	8	22	36		—	—	—	—	—
	Cologne Sharks			5	0	1	1	6		9	1	1	2	14
	EHC Basel			3	1	0	1	4		—	—	—	—	—
2005–06	EHC Olten			23	16	18	34	38		—	—	—	—	—
2006–07	SG Cortina			31	22	31	53	32		8	5	5	10	12
2007–08	SG Cortina	Serie A		31	13	15	28	32		—	—	—	—	—
2008–09	SG Cortina	Serie A		42	23	20	43	34		—	—	—	—	—
2009–10	SG Cortina	Serie A		28	6	11	17	12		—	—	—	—	—
Serie A totals				! 132	! 64	! 77	! 141	! 110		! 8	! 5	! 5	! 10	! 12

References

External links

Mike Souza statistics at Hockeydb.com

Category:Living people Category:Italian ice hockey players Category:New Hampshire Wildcats men's ice hockey players Category:1978 births Category:American ice hockey players Category:American ice hockey forwards Category:People from Wakefield, Massachusetts Category:Italian ice hockey players Category:University of New Hampshire alumni Category:Norfolk Admirals players Category:Bridgeport Sound Tigers players Category:Hershey Bears players Category:EHC Basel players Category:SG Cortina players Category:Bolzano HC players Category:Sportspeople from Massachusetts