The outcome of gambling could also be long-term for example a future sports contest. The outcome of gambling is often immediate, for example rolling dice, spinning a roulette wheel, a horse finishing a race et cetera.

Thus, gambling requires three essentials to be fulfilled, these are – consideration or money that is the amount that is put at stake, the risk taken, and the price or the outcome of putting the money at stake.

Gambling is the risking or staking of money or any other valuable security which may be referred to as “stakes” on an event that does not have a certain outcome with the main intention of winning more money or the good of a material value.