Gambling in Las Vegas

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Gambling (or betting) is any behavior involving the risk of money or valuables on the outcome of a game, contest or other event in which the outcome of that activity is partially or totally dependent upon chance.
Though for many it is a form of recreation, gambling, like any behavior which involves variation in brain chemistry, can become a psychologically addictive and harmful behavior in some people. Reinforcement phenomena may also make gamblers persist in gambling even though they are losing. Because of the negative connotations of the word, casinos and race tracks often use the euphemism "gaming" to describe the recreational gambling activities they offer.
Gambling may also refer to engaging in any high-risk behavior in which decisions are made based upon incomplete knowledge. (For example, high-risk stock investments, difficult and potentially costly ventures, or even personal relationships.)
Gambling games are believed to predate recorded history, with gambling games recorded in virtually all of the ancient civilizations. Gambling is strictly prohibited in Islamic nations.
Because of the generally negative religious view as well as various perceived social costs, gambling is subject to some form of censure on most legal jurisdictions. In particular, in many (most?) cases, wagers are not recognized in law as contracts and any consequent losses are debts of honor, unenforceable by legal process. Thus the enforcement of large gambling debts is often taken over by organized crime, using violent methods. Because contracts of insurance have many features in common with wagers, legislation generally makes a distinction, typically that any agreement in which either one of the parties has an interest in the outcome bet upon, beyond the specific financial terms, is a contract of insurance. Thus a bet on whether one's house will burn down is a contract of insurance as there is an independent interest in the security of one's home.
Furthermore, gambling is either banned or heavily controlled (licensed) in many jurisdictions. Such regulation generally leads to gambling tourism and illegal gambling. The latter is often controlled through organized crime. Such involvement frequently brings the activity under even more severe moral censure and leads to calls for greater regulation. Conversely, the close involvement in governments (through regulation and gambling taxation) has led to a close connection between many governments and gambling organizations, where legal gambling provides much government revenue.


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