Oklahoma Statutes

§ 21-981 — Definitions.

Oklahoma·Title 21 Crimes And Punishments
As used in this act: 1. A "bet" is a bargain in which the parties agree that, dependent upon chance, or in which one of the parties to the transaction has valid reason to believe that it is dependent upon chance, one stands to win or lose something of value specified in the agreement. A bet does not include: a. bona fide business transactions which are valid under the law of contracts including, but not limited to, contracts for the purchase or sale at a future date of securities or other commodities and agreements to compensation for loss caused by the happening of the chance including, but not limited to, contracts of indemnity or guaranty and life or health and accident insurance; or b. any charity game conducted pursuant to the provisions of the Oklahoma Charity Games Act; or c. offers

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Legislative History

Added by Laws 1975, c. 283, § 1, eff. Oct. 1, 1975. Amended by Laws 1992, c. 328, § 31, eff. Dec. 1, 1992, and adopted by State Question No. 650, Legislative Referendum No. 294, at election held Nov. 3, 1992; Laws 2000, c. 181, § 1, emerg. eff. May 3, 2000.

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