In a wagering agreement, a wager is placed on the happening or the non-happening of an event. A wagering agreement must follow certain conditions to be considered void. It must include a promise to pay money or money’s worth to a party/partiesThe event specified in the agreement must be uncertain with no control of either party over itIt must be the common intention of all the parties to wager at the time of making the agreementParties should have no other interest in the agreement other than the stake of the wagerHowever, the following agreements are not considered as wagering agreements:Share market transactionsChit fundAthletic competitions and any other competitions involving skillsInsurance contracts