• It must be dependent on an uncertain event - For an agreement to be a wagering

agreement, it is necessary that the subject matter of the agreement must be dependent on
an uncertain event.

• There is a mutual chance of gain or loss - A necessary element in a wagering agreement is

that both the parties should have a mutual chance of winning or losing based on the
uncertain event.

• Neither of the parties must have control over the event - If one of the parties has the power
to influence the results of the wager, the agreement will lack an essential ingredient of a
wager.

• Must have no other interest other than the stake - The only interest that both the parties
should have is the stake of winning or losing on the happening of the uncertain event. If
either of the parties has some other interest other than the amount at stake, it will not
constitute a wager.