Page 218 - LECTURETTE TOPICS eBOOK

shop.ssbcrack.com

TOPIC -71

Gambling

Quick points to Remember:

• Based on risk and uncertainty
• Mostly illegal, some form of legalized gambling does exist
• Gambling in Indian market: 60 billion US dollars annually.
• Public Gambling Act 1867 is the law of prohibition

Introduction
Gambling is an unfair economic activity which is based on making money by taking
some risks and facing some uncertainties.
It is not considered as a fair means for making money.

In India, however, gambling is done from ancient time that is from the time of
Mahabharata and in fact, it was the main reason for the Mahabharata.
Key Points

• Gambling is about taking a chance. It is based on the simple rule of ‘higher
the risk, higher the return/loss’
• It can turn into an addiction and ruin lives.
• It is mostly banned but some form of legalized gambling does exist.
• Casino games, dice games, poker, betting, card games etc are all forms of
gambling.
• In India, we have The Public Gambling Act 1867, which prohibits any kind of
illegal gambling.
• India, however, has casinos and that are categorized under legalized
gambling. Goa, Daman, and Sikkim have casinos in India.
• Despite the prohibition, illegal gambling is widely carried out in India.
• There is a gambling of 60 billion US dollars every year in our country!

212 | P a g e shop.ssbcrack.com