Types of Wagering Contracts

The parties to the wagering contracts must be of sound mind and should have attained the age of majority and we can also say that wager is a kind of bet or the gamble.

What are the essentials of Wager?

1. Wagers means gamble or bet:- this is said to be the chance where there is the chance of either the gain or the loss that is why we call it bet as it depends on the uncertain events as money is paid to the party by the other party on completion of the uncertain events. The main aspects of this contract is that both the parties have the equal chance of winning based on the future events.
2. Uncertain events:- we can say it as the uncertain event as the parties are not certain about the events, the chances are being taken on the unpredictable circumstances and the situation as the main goal is to exchange the money, these are the future events that may or may not occur.
3. No outside interest:-  there is the common interest for the profit and the interest which will result as per the occurrence, the interest entirely depends upon the risk that is under the consideration, as per the risk none of the party can look upon any other remedy rather than the payment that is based on the outcome of future.  
4. The Monetary Stake:- there is no other consideration other than the win or loss circumstances, this contract requires win or loss of the parties, the winner or loser are determined by the future event and that remains until the issue is resolved.

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Types of Wager

1. Money line bet:- this type of bet is done in sporting events and other games and that is based on the outcome of the particular sports, this type of betting is prohibited and has been observed in sports like cricket, mainly the Indian Premier League.
2. Spread Betting:- This type of betting or wager means that the person waging believes that the most favourable team will win by the specific margin and the loss occurred is due to thin margin.
3. Overbets:- This type of bet takes place in a game where a bet is placed on the total number of points scored by the top player or the total number of goals scored by both teams using a combination of numbers and is a completely unpredictable event that no one has control over.
4. Underbet:-This type of bet occurs when the best player bets that the total number of goals scored by both teams and the points scored will be less than or equal to the specified amount. This form of betting also relates to the final end of the game.
5. Selective Betting:- This type of betting is particularly unique and innovative in nature because it has nothing to do with the final outcome of the game. Under these circumstances it is advisable to bet on whether a Super Over will be used in the first half of a match or in a cricket match. As a result, this is also referred to as a support bet.

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