Oh Gambling Oh

What is Gambling?
In its broadest definition, gambling is the act of placing stakes on an unknown outcome with the possibility of securing a gain if the bettor guesses correctly. To be considered gambling, an act must have three elements:

• • something wagered (the bet),
  • a randomizing event (the spin of slot reels or the flip of a card), and
  • a payoff.

There are two basic categories of gambling: Social gambling and mercantile (or commercial) gambling.

Social gambling is conducted among individuals who bet against each other; mathematically, each player has the same chance of winning. Poker is a classic social game
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In mercantile or commercial gambling, players bet against “the house,” a professional gambler or organization that accepts wagers from the general public. Mercantile games have a mathematical advantage for the casino or a house edge that lets professionals profit from them while still offering fair games.