Gambling – A Restricted Game
Gambling is essentially betting or wagering of money or anything of material value, commonly known as stakes. Gambling is also referred as a game where results are evident within a short period. It is the basic instinct of a player to gain extra money over above what he has put as stake. The legality of gambling is restricted by law and only certain gaming activities are permitted to be played legally, referred to as legal gambling.
Gambling – A Legal Commercial Activity
Gambling is a major commercial activity that has a total legal gambling market that amounts to US $ 335 billion two years ago. The term, ‘gaming’ refers to events in which the activity has been particularly allowed legally. A gaming activity that is offered to the general public by gaming companies is controlled by one of the several gaming control boards. Yet, the word gaming is not accepted in the English speaking world, where gaming is known as gambling. In UK, gambling is regulated by the Gambling Commission. Further, the word, gaming is often used to depict activities which do not include wagering, particularly on the internet.
The Indian Scenario
There are various types of gambling activities that take place that are normally played for the sake of earning rich profits involving money. These gambling activities usually played in the luxurious setting of a gambling club. People come and play as well as enjoy the thrills of winning. The excitement touches a new high every time a person wins. It is this winning that attracts people from all walks of life. In India, however, the gambling activity is heavily debarred, even though legal gambling is only limited to horse racing and lotteries. The gambling market is a prospering one and is approximately US $ 60 Billion per year according to conservative estimates. It was only this year that the Federal Information Technology Act put a choke on internet gambling blocking all internet sites.
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