Horse Racing – Section 30 of the Indian Contracts Act, provides that the agreement on the basis of victory or loss of the horse is not a zero agreement. The section does not make a subscription or contribution or agree to subscribe or sign a sign, prize or sum of money amounting to five hundred rupees or up for the winner of horse races. The reason why horses are excluded from the list is because horse racing does not depend only on chance or happiness, but it depends more on the previous preparation of the horse, which includes practices, food, maintenance. Horse racing is based more on horse craftsmanness than happiness. And lately, after the implementation of the betting agreement, there are some loopholes that need to be filled. The first and most important thing is, although and the game was considered against morality, but it was a case of the past that society has evolved, so that it develops and therefore laws should be, and not the legalization of the game will not solve the problem, but it increases more because the one that is in gambling , will do so, even if it is not legalized. Thus, it should be legalized the less money earned by the game will not go unnoticed, but it is recorded account and recorded, as people nowadays have started to bet in a positive way that is more a task based on qualifications than chance. The central point of a betting contract is that neither party should have any interest other than the amount it will earn or lose. Parties to a betting contract focus primarily on the profit or loss they earn. A and B enter into an agreement that if A leaves his job, B 500 Rs. to A and A 500 Rs. to B, if he does not resign.
Here, A controls the event. Therefore, no bet. It can be seen that all betting agreements are contingency agreements, but not all contingency agreements are betting agreements. Thus, in plain language, we can understand that a betting contract is a futuristic contract based on what happens in the future.