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According to Section 30, agreement by way of wager are void. No suit will lie for recovering anything alleged to be won on any wager or entrusted to any person to abide by the results of any game or other uncertain event on which any wager is made.
Definition: Wager means a ‘Bet’. A wager may be defined as an agreement to pay money or money’s worth on the happening of a specified uncertain event. It is a game of chance in which the chance of either winning or losing is wholly dependent on an uncertain event. Each party stands equally to win or to lose the bet.
For example: Two wrestler’s R and B agreed to play a wrestling match on condition that the party failing to appear on the date of match was to forfeit Rs 500 to the opposite party and winner was to receive Rs. 1,000 out of gate money. R failed to appear at the match and B sued him for 500.
It was held that the agreement was not of wagering nature. In wagering agreement each party should stand to win or lose according to the result of uncertain event.
In the present case, the stake had not to be given out of the pocket of the party, it had to be paid from money provided by the public. As such neither side stood to lose according to the result of the wrestling match.
Essentials of wagering agreement:
1. There must be a promise to pay money or money’s worth.
2. Promise must be conditional on an event happening or not happening.
3. There must be uncertainty of event. Which may be past, present or future.
4. Each party must stand to win or lose. i.e., loss of one must be gain of other.
5. There must be a common intention to bet at the time of making such agreement.
6. Parties should have no interest in the event except for stake.
Definition: Wager means a ‘Bet’. A wager may be defined as an agreement to pay money or money’s worth on the happening of a specified uncertain event. It is a game of chance in which the chance of either winning or losing is wholly dependent on an uncertain event. Each party stands equally to win or to lose the bet.
For example: Two wrestler’s R and B agreed to play a wrestling match on condition that the party failing to appear on the date of match was to forfeit Rs 500 to the opposite party and winner was to receive Rs. 1,000 out of gate money. R failed to appear at the match and B sued him for 500.
It was held that the agreement was not of wagering nature. In wagering agreement each party should stand to win or lose according to the result of uncertain event.
In the present case, the stake had not to be given out of the pocket of the party, it had to be paid from money provided by the public. As such neither side stood to lose according to the result of the wrestling match.
Essentials of wagering agreement:
1. There must be a promise to pay money or money’s worth.
2. Promise must be conditional on an event happening or not happening.
3. There must be uncertainty of event. Which may be past, present or future.
4. Each party must stand to win or lose. i.e., loss of one must be gain of other.
5. There must be a common intention to bet at the time of making such agreement.
6. Parties should have no interest in the event except for stake.
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