An agreement with the Race Course Authority, which was authorized to organize the racetrack competition to contribute up to 600 people to the money that was to be paid to the winner of the horse race that was to take place on any given day. This is not a gamble. 5. The purpose of a betting contract is to speculate on money or money while an insurance contract is the protection of an interest. 6 DIFFERENCE ENTRE CONTINGENT CONTRACTS AND WAGERING AGREEMENTS:The betting agreements have been expressly cancelled in India. No action can be taken concerning the recovery of something allegedly won on a bet or entrusted to a person to respect the outcome of a game or other uncertain event on which a bet is made (Sec.30) DIFFERENCE BETWEEN CONTINGENT CONTRACTS AND WAGERING AGREEMENTS: A betting contract consists of mutual promises while a quota contract must not include reciprocal promises. A betting agreement is essentially conditional, while a quota contract cannot be compensated. The betting contract is void while a quota contract is valid. In a betting agreement, the parties have no other interest in the purpose of the agreement, except for the profit or loss of the amount of the bet. This is not the case in a quota contract. In a betting agreement, the future event is the only determining factor, whereas in a conditional contract, the future event is only guarantees. The central point of a betting contract is that neither party should have any interest other than the amount it will earn or lose.

Parties to a betting contract focus primarily on the profit or loss they earn. 5 ESSENTIALS ELEMENTS OF A WAGER WAGER WAGERING AGREEMENTS: A bet means a bet. According to Anson, the bet means “the promise to give money or money if an uncertain event is determined, to which the parties have no substantial interest, other than reciprocal changes of profit or loss.” ESSENTIAL ELEMENT OF A WAGER 1. There must be two people who have opposing opinions about an uncertain event. The event may be the future or the past, but the result is unknown to both parties. Such an event may be legal or illegal. (2) Both persons agree that one pays money to the other, in one way or another, depending on the destination of that event, and vice versa. 3. There must be mutual profit or loss. 4.

None of the parties should have control of the event. 5. Parties must have no interest other than the sum of money that one of them will earn or lose. 6. Parties to a betting agreement intend to act only in a differentiated manner and do not intend to deliver it. 4 4.Specified event that does not occur within a fixed time frame: “Contracts conditional on doing or not doing anything if a particular uncertain event does not occur within a specified period of time may be imposed by law when the fixed time is up, if it is certain that such an event will not occur.” 5.In nullity: “To make conditional contracts or to do nothing if a particular uncertain event occurs with a certain time, becomes invalid, if, at the expiration of the fixed time, it is not even done if before the period of time. 6.Impossible event: “The conditional agreements to do or not to do anything in the event of an impossible event are null and void, whether or not the impossibility of the event is known to the parties to the agreement at the time of their occurrence. Agreements as a bet are not considered; and no legal action is brought for debt collection or entrusted to a person to stick to the results of a game or other uncertain event on which a bet is made. 4.

Betting contracts are conditional contracts, while insurance contracts are compensation contracts, with the exception of life insurance contracts, which are quota contracts.