: SAGE: gambling and lotteries

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gambling and lotteries

Gambling in general and lotteries as a specific form of organized gambling fall within the set of activities often categorized as “games of chance.” The functional premise underlying such games is that of investing a comparatively small amount of funds in a transaction wherein one or more, but not all, of the participants will receive a larger portion of the pooled money. The person who receives the payout is considered the winner of the game, and the opponent is not the other entrants but the probability of losing the invested money. [Source: Encyclopedia of White-Collar and Corporate Crime; Gambling and Lotteries]

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