Tag: law

Why is it not gamble?

According to Gambling Act 2005 in the United Kindom, sports for reward is not gamble.

Gaming & game of chance

(1)In this Act “gaming” means playing a game of chance for a prize.

(2)In this Act “game of chance”—

(a)includes—

(i)a game that involves both an element of chance and an element of skill,

(ii)a game that involves an element of chance that can be eliminated by superlative skill, and

(iii)a game that is presented as involving an element of chance, but

(b)does not include a sport.

(3)For the purposes of this Act a person plays a game of chance if he participates in a game of chance—

(a)whether or not there are other participants in the game, and

(b)whether or not a computer generates images or data taken to represent the actions of other participants in the game.

(4)For the purposes of this Act a person plays a game of chance for a prize—

(a)if he plays a game of chance and thereby acquires a chance of winning a prize, and

(b)whether or not he risks losing anything at the game.

(5)In this Act “prize” in relation to gaming (except in the context of a gaming machine)—

(a)means money or money’s worth, and

(b)includes both a prize provided by a person organising gaming and winnings of money staked.

Why is it not online finance?

(a) lends money or provides credit in the course of a business; or

(b) arranges or facilitates the provision of debt or equity finance in the course of a business; or

(c) provides, arranges or facilitates invoice discounting or factoring in the course of a business;

but, in accordance with regulation 2(2) of the Small and Medium Sized Business (Credit Information) Regulations, for the purposes of those Regulations it does not include a body corporate that provides credit only by providing goods or services before payment of part, or all of, the amount to be paid for such goods or services.