The third most important feature of the betting contract is that the event may be uncertain, but should not be a future event. The parties can bet on the qualities or attributes of existing things, or the result of events that have already occurred, they do not know these things. The purpose of the bet is then the accuracy of each person`s judgments and not the determination of the event.  4. Betting contracts are conditional contracts, while insurance contracts are compensation contracts, with the exception of life insurance contracts, which are quota contracts. An agreement with the Race Course Authority, which was authorized to organize the racetrack competition to contribute up to 600 people to the money that was to be paid to the winner of the horse race that was to take place on any given day. This is not a gamble. In the case of Gherulal Parakh v. Mahadeodas Maiya, the leaders of two common families entered into a partnership to continue betting contracts with two Hapur companies, after it was agreed that the profits and losses resulting from the transactions would be borne equally by them.
Subsequently, the complainant challenged the responsibility to bear his share of the loss. The subordinate judge found that the betting agreement reached by the partners under Section 30 of the Act was not concluded. Subsequently, the Supreme Court found that, although the agreement reached by the parties is undyed, its purpose is not unlawful, since there is such an act under Section 23 of the same act and therefore exists between the parties. “This section is not considered illegal for a subscription, contribution or agreement, a sign, a prize or a sum of five hundred rupees or more, to subscribe or sign or pay money attributable to the winner or winner of a horse race.” This is what distinguishes an insurance contract from a bet. Any insurance contract requires, for its validity, the existence of an insurable interest. Insurance without insurable interest is nothing more than a betting contract and therefore not aeig.  “insurable interest,” the risk of loss to which the insured is likely to be exposed as a result of the insured event. The applicant`s leniency in bringing an action, together with his leniency in declaring the defendant`s delay, is a good consideration for a new agreement, although the original contract was in the nature of a betting transaction and the applicant has the right to recover the new agreement.  The second most important feature of the betting contract is that there must be two people, both likely to win or lose in India, the betting agreements have been expressly cancelled.