On June 30, 2016, a football match between team A and team B starts in Mumbai.C and D enter into an agreement where C pays Rs. 500 to D if team A wins, and if team B wins, D pays Rs. 500 to C. This is a betting agreement and void. As noted above, when in the event of losses in foreign exchange trading, a number of Indian companies argue that derivative transactions have the nature of betting arrangements and are therefore unenforceable in indian courts under Article [xxi] and therefore do not create any liability or financial obligation with respect to the repayment of the loan to the bank. As a result, many conservative Indian banks, such as the State Bank of India, have long refrained from any kind of derivatives transactions with their customers. In the case of Gherulal Parakh v. Mahadeodas Maiya[xxii] wondered whether a partnership established for the purpose of entering into futures contracts for the purchase and sale of wheat in order to speculate on the rise and fall of the price of wheat in the future was a gamble and whether this had been done by Article 30 of the Contracts Act. However, the Supreme Court ruled that such a partnership was not illegal, although the company for which the partnership was established was classified as a bet. Any insurance contract is a gamble if the insurer has no insurable interest in the event that the insurance money is payable. The interest of insurance generally lies in the fact that it is an event that is in the interest of the insurer. [xxiv] If he insures a cargo he has loaded onto a ship, his contract is not a gamble, since his property is threatened during the voyage; but if there is no cargo on board, the contract is a gamble; because if the ship is not lost, it loses the amount of the premium. Section 6 of the Marine Insurance Act 1963 provides that any contract of transport insurance is void as a bet; and that a transport insurance contract is considered a betting contract if the insured has no insurable interest.
The Marine Insurance Act 1906 also provides that a marine contract or insurance is considered a gambling or betting contract if the insured has no interest in the adventure. A truck belonging to one of them was transferred to benami in b, who had him insured in his own name. .