Gambling Contract Law and Legal Definition

A gambling contract is an agreement to engage in a gamble. In a gambling contract two parties wager something, especially money, for a chance to win a prize or an amount. Contracts related to legal gambling activities become enforceable only where gambling is legal. A gambling contract is otherwise known as a gaming contract. Usually, gambling contracts or transactions are illegal and cannot be enforced; and therefore, such contracts are void ab initio. A gambling contract is invalid, regardless of the form of such contract and despite any statutes providing or prohibiting them.