law: Indian Contract Act, 1872 
  30. Agreements by way of wager, void
  Agreements by way of wager are void; and no suit shall be
  
  brought for recovering anything alleged to be won on any wager, or entrusted to
  
  a person to abide the result of any game or other uncertain event on which any
  
  wager is made.
  Exception in favor of certain prizes for horse-racing : This
  
  section shall not be deemed to render unlawful a subscription or contribution,
  
  or agreement to subscribe or contribute, made or entered into for or toward any
  
  plate, prize or sum of money, of the value or amount of five hundred rupees or
  
  upwards, to be rewarded to the winner or winners of any horse-race.
  Section 294A of the Indian Penal Code not affected: Nothing in
  
  this section shall be deemed to legalize any transaction connected with
  
  horse-racing, to which the provisions of section 294A of the Indian Penal Code
  
  (45 of 1860) apply.