Every day, people use the word “wage” to mean “bet or gamble.” An agreement of Wager is a deal between two different parties in which one party agrees to pay money if some unknown event happens, and the other party agrees to pay the same amount back if the event doesn’t happen. A wagering agreement refers to a deal in which money or the value of money is given based on whether or not a possible, unpredictable event happens. The fundamentals of a wagering agreement are the presence of two parties of sound mind to make a profit or a loss.
Section 30 of the Indian Contract Act says that an agreement made through a bet is invalid. And no suit shall be brought to get back anything that is thought to have been won on a chance or given to someone to hold until the end of a game or the other uncertain event on which a bet is made.
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