BETTING (bet, shortened, from abet, OF. abeter, to incite, instigate, deceive, from a [Lat. ad], to beter, Icel. beita, to bait, to cause to bite), or WAGERING. Agreements to give money or money's worth upon the determination or ascertainment of an uncertain event were both in England and in the United States enforceable by the common law. They fall into two classes: those made entirely for sport, and those in which the uncertain event affects or results from a business transaction. Statutory limitations were early imposed upon contracts by way of gam ing or wagering, and in 1848 (8 and 9 Viet. e. 109) all such contracts were declared void in England. Similar statutes were passed by most of the United States at about the same period. A majority of them also have constitutional provisions against legalizing lotteries, while New York forbids the Legislature to legalize any kind of gambling. So, in the United States, money lent with the intention of enabling the borrower to make a wager cannot be recovered, since wa gers are illegal, not merely void. Of the second
class. the most important are stock-exchange transactions and marine. fire, and life insurance. Marine and fire insurance contracts are essen tially contracts of indemnity, since contemplat ing a specified loss. and all are held valid where the insurer possesses an insurable interest. In stock exchange transactions the test is whether delivery is contemplated. 'Bucket-shop deals,' or mere wagers on the rise and fall of prices, or dealings in 'futures,' are illegal, but contracts for future delivery are valid whether the seller has the goods or not, and option contracts, whether `pats,' calls,' or 'straddles,' are not per se gam bling contracts. Where the force of the con tract does not show a wager, it will generally be presumed to be valid. See GAMBLING.