Bet Law and Legal Definition

Bet refers to something especially money staked or pledged as a wager. It is an agreement usually between two parties that the one who has made an incorrect prediction about an uncertain outcome will forfeit something stipulated to the other

The term bet is defined as the hazard of money upon an incident by which one or both parties stand to win or lose by chance. It is an agreement to pay something of value upon the happening or non happening of a specified contingent event. The parties must take opposite sides in predicting the outcome of an uncertain event. Some bets are considered offences and are punishable. For example, betting on election. According to Nev. Rev. Stat. Ann. § 293.830, “any person who makes, offers or accepts any bet or wager upon the result of any election, or upon the success or failure of any person or candidate, or upon the number of votes to be cast, either in the aggregate or for any particular candidate, or upon the vote to be cast by any person, is guilty of a gross misdemeanor.”