3. In a betting agreement, neither party has an interest in an event occurring or not happening. But in an insurance contract, both parties are interested in the object. In Carlill v Carbolic Smoke Ball Co., betting agreements are defined as MUTUAL CHANCES OF GAIN OR LOSS: The second essential feature is that when determining the planned event, each party must stand to win or lose. If there is no such chance of mutual profit or loss, there is no bet. Thus, in Babasaheb v. Rajaram, it was established that the agreement could not be considered one of the bets of the law. It is the essence of the bet that each side should stand up to win or lose, depending on the outcome of the uncertain event. A chit fund does not fit within the framework of “Paris that… year.” In the case of Narayana Ayyangar v. Vallachami Ambalam, it was thus held by the Madras Court “It is true that in most fund transactions, no subscriber loses the money he brought; and as long as the actual amount of the subscription is guaranteed, the time interval, however long, does not matter. Thus, as we can see in the case of the Chit-Fonds, this is not a gamble because of the absence of reciprocal opportunities for profit or loss for the contracting parties. Reciprocal opportunities for gains or losses are therefore an essential feature of betting agreements. In such games, as one of the parties may be familiar with the ability of the player on whom it bets, then, in this case, the probability of uncertainty would decrease, the event would come under the control of one of the parties and, ultimately, it will withstand the essential characteristics of the bet.
Cricket for this case involves skill, because playing cricket needs hand-eye coordination for bowling, fielding and beating. It requires speed both during field time and between strains. In addition, the line, length and speed required for bowling depends on the practice of bowling and its physical strength. Therefore, cricket cannot be considered a game of chance, it is a game of skill that is excluded from Section 12 of the Public Gambling Act and is not punishable.