For case law on recovery of gambling losses where the loser had stolen the funds see "Rights of owner of stolen money as against one who won it in gambling transaction from thief". In Lipkin Gorman v Karpnale Ltd, where a solicitor used stolen funds to gamble at a casino, the House of Lords overruled the High Court's previous verdict, adjudicating that the casino return the stolen funds less those subject to any change of position defence. Under common law, particularly English Law ( English unjust enrichment), a gambling contract may not give a casino bona fide purchaser status, permitting the recovery of stolen funds in some situations. Nonetheless, both insurance and gambling contracts are typically considered aleatory contracts under most legal systems, though they are subject to different types of regulation. 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. Insuranceīecause contracts of insurance have many features in common with wagers, insurance contracts are often distinguished in law as agreements in which either party has an interest in the "bet-upon" outcome beyond the specific financial terms. For example, in many American states one must be over 21 to enter a casino, but may buy a lottery ticket after turning 18. In some jurisdictions, the gambling age differs depending on the type of gambling. Most jurisdictions that allow gambling require participants to be above a certain age. Since these high payoffs have very low probability, a house bias can quite easily be missed unless the devices are checked carefully. There is generally legislation requiring that gaming devices be statistically random, to prevent manufacturers from making some high-payoff results impossible. 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 and Macau, China. Such regulation generally leads to gambling tourism and illegal gambling in the areas where it is not allowed. Many jurisdictions, local as well as national, either ban gambling or heavily control it by licensing the vendors. For example, players of marbles games might wager marbles, and likewise games of Pogs or Magic: The Gathering can be played with the collectible game pieces (respectively, small discs and trading cards) as stakes, resulting in a meta-game regarding the value of a player's collection of pieces. In other forms, gambling can be conducted with materials that have a value, but are not real money. Gambling is also a major international commercial activity, with the legal gambling market totaling an estimated $335 billion in 2009. The media and others have used one term or the other to frame conversations around the subjects, resulting in a shift of perceptions among their audiences. "Gaming" has also been used to circumvent laws against "gambling".
The word gaming is used more frequently since the rise of computer and video games to describe activities that do not necessarily involve wagering, especially online gaming, with the new usage still not having displaced the old usage as the primary definition in common dictionaries. For instance, in the United Kingdom, the regulator of gambling activities is called the Gambling Commission (not the Gaming Commission). However, this distinction is not universally observed in the English-speaking world. 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. The term "gaming" in this context typically refers to instances in which the activity has been specifically permitted by law. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize. Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted.
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