Description
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Gaming law can be described as the set of rules and regulations that apply to the gaming or gambling industry. Gaming law is not exactly a branch of law in the traditional sense but rather a transversal gathering of a range of legal topics related to gaming which encompasses matters normally included in various branches of law, including constitutional law, administrative law, tax law, company law, contract law and criminal law.
The law of gambling can be simple, or enormously complex. For example, all gambling requires consideration, chance and prize, legal terms that must be analyzed by gaming lawyers. In the United States, illegal gambling is a Federal crime if done as a business. However, each of its states has its own laws regarding the regulation or prohibition of gambling.
In modern English a casino is a facility that houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships and other tourist attractions. Some casinos are known for hosting live entertainment events, such as stand-up comedy, concerts, and sporting events. Use in the past, and modern use in other countries, does not necessarily involve gambling.
In most jurisdictions worldwide, gambling is limited to persons over the age of license (16 to 21 years of age in most countries where casinos are permitted).
Customers gamble by playing games of chance, in some cases with an element of skill, such as craps, roulette, baccarat, blackjack, and video poker. Most games played have mathematically-determined odds that ensure the house has at all times an advantage over the players. This can be expressed more precisely by the notion of expected value, which is uniformly negative (from the player's perspective). This advantage is called the house edge. In games such as poker where players play against each other, the house takes a commission called the rake. Casinos sometimes give out complimentary items to gamblers.
Payout is the percentage won by players.
Casinos in the USA say that a player staking money won from the casino is playing with house money.
A bookmaker, or bookie, is an organization or a person that takes bets on sporting and other events at agreed upon odds.
Bookmaking may be legal or illegal, and may be regulated; in the United Kingdom it was at times both regulated and illegal, in that licences were required but no debts arising from gambling could be enforced through the courts. Now, since the inception of the National Lottery, it is not only legal but also a small contributor to the British economy, with a recent explosion of interest with regard to the international gaming sector industry. However, gambling debts were unenforceable under English law until the the Gambling Act 2006. Trusted legal bookmakers are members of IBAS, an industry standard organisation to settle disputes.
Bookmaking is generally illegal in the United States, with Nevada being a notable exception. In 2009, one of the co-founders of BetOnline was arrested on bookmaking charges.
In some countries, such as Singapore, Sweden, Canada, Hong Kong and Japan, the only legal bookmaker is owned and operated by the state. In Canada, this is part of the lottery program and is known as Sport Select.
http://en.wikipedia.org/wiki/Illegal_gambling
http://en.wikipedia.org/wiki/Casino
http://en.wikipedia.org/wiki/Bookmaking