The rapid spread of playing-cards across Europe after their introduction in the late 14th century can be traced by observing the dates when prohibitions of playing-cards were added to the existing laws against gambling in various cities. In the specific context of games, gambling is playing a game with the aim of gaining a reward for winning while risking a corresponding loss if one does not win.įrom their earliest origins in the late 13th century playing-cards have been used for gambling. One can gamble on a natural event or a contest such as a race, or use equipment designed to produce an unpredictable outcome such as dice or playing-cards.

This reward is known as the stake and often it is a sum of money. They need to agree on the criteria for winning or losing the bet and on what reward the loser(s) will give to the winner(s). On this page, we are concerned with the more formal type of gambling in which two or more parties agree to bet on an event whose outcome is uncertain. In these cases, there is no agreement with a second party on specific terms for success or what exactly is to be won or lost. It could refer to a more complex endeavour where a commercial entity takes a decision such as to invest in a new and untried technology in the hope of future high demand. ‘I bet you that doesn’t work …’) in which case the gain if successful is psychological and ego based. Informally this could be as simple as a single person or a social group predicting success or failure (e.g. An act of gambling is often referred to as placing a bet. The word ‘gamble’ can be used to describe any risky action. Probabilities, Odds, House Edge and Return.

A casino card game