Gambling is the wagering of money or any other object of material value on an event the result of which is uncertain. There is an intention of winning additional money or some other material outcome as a result of the wager.
Gambling should be distinguished from insurance. If an individual takes out insurance, that person pays a sum of money to a company and will be paid back a larger amount if the specified event occurs. This relates to the loss of personal or business assets and loss of life and limb.
Insurance is also used widely by companies to limit the downside to risk – not just buildings or potential claims from employees but insurance companies are also used for hedging purposes, whereby companies pay insurance companies to take the downside risk to commodity transactions (price movements), debt transactions (interest rate movements), and currency transactions (exchange rate movements).
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