For the purposes of this chapter, the following words and phrases shall have the meanings respectively ascribed to them by this section:
A. “Bet” means a bargain in which the parties agree that, depending upon chance even though accompanied by some skill, one stands to win or lose anything of value specified in the agreement; but a bet does not include:
1. Bona fide business transactions which are valid under the law of contracts, including, without limitation, contracts for the purchase or sale, at a future date, of securities or other commodities, and agreements to compensate for loss caused by the happening of the chance, including without limitation, contracts for indemnity or guaranty and life or health and accident insurance;
2. Offers of purses, prizes or premiums to the actual contestants in any bona fide contest for the determination of skill, speed, strength or endurance or to the bona fide owners of animals or vehicles entered in such contest;
3. A lottery as defined in this section; or
4. Betting otherwise permitted by law.
B. “Gambling device” means a contrivance which for a consideration affords the player an opportunity to obtain anything of value, the award of which is determined by chance, even though accompanied by some skill and whether or not the prize is automatically paid by the device.
C. “Gambling place” means any building or tent, any vehicle, whether self-propelled or not, or any room within any of them, one of whose principal uses is any of the following:
1. Making and settling bets;
2. Receiving, holding, recording or forwarding bets or offers to bet;
3. Conducting lotteries; or
4. Playing gambling devices.
D. “Lottery” means an enterprise wherein for a consideration the participants are given an opportunity to win a prize, the award of which is determined by chance, even though accompanied by some skill. As used in this subsection, “consideration” means anything which is a financial advantage to the promoter or a disadvantage to any participant. (Prior code §13-15).