Wagering agreement is not defined in the Indian Contract Act of 1860. Cotton, L.J. in Thacker v Hardy said: “The essence of wagering and gaming is that one party is to win, and other is to fall upon an upcoming event, which at the time of the contract is of an uncertain nature, i.e., if the future event sets out one way A will lose, but if it turns out another way, he will win.” The most essential element of a wagering agreement is the uncertainty of the future event. The parties must not be familiar with the result of the uncertain event. The requirement herein is that the parties must not have any idea about the result even if the event has been held in the past. This means the future event is not essential rather the parties must not be aware of the result. In the case of Jethmal Madanlal Jokotia v Nevatia & Co, the parties must not be aware of the happening of the event or even if the event has happened in the past. The wager is based on chance. And therefore both parties must get an equal chance of winning, and mutual opportunity must be given to both parties to gain or lose. Agreements in which the results are determined towards one party then it is not a wagering agreement. There must be two outcomes of the event then only a fair chance will be given to the parties. If winning or losing is completely based on skill, there is no wager. In Baba sahib V, In this case, it was held that an agreement cannot be looked upon as a wagering agreement if it lacks the desire of winning or losing. The essence of the wager is that both parties must stand to win or lose to the result of an uncertain event. The parties to the agreement must only be focused on the outcome on which they have staked their money. The parties must not have any other interest in the event other than winning or losing. So the sole purpose must be betting. An insurable interest in the contract will not be called a wagering contract. There must be the absence of any kind of consideration from the parties to make it a wagering agreement. Neither of the parties shall have any control over the happening of the event in one way or any other. If one of the parties gets the hold of the event, this will hamper the essential element of water that is chance.