THE AUTHOR ARGUES AGAINST TRADITIONAL CONCEPTS OF GAMBLING, WHICH CLAIM THAT IT IS FUNDAMENTALLY UNLIKE OTHER ROUTINE ACTIVITIES AND INSTITUTIONS; HE FEELS THAT IT IS A PRODUCT OF THE ENVIRONMENT, CONVENTIONAL IN FORM AND CONTENT, JUST AS OTHER GAMES ARE. A PHILOSOPHICAL DEFENSE OF GAMBLING IS PRESENTED USING THE WORKS OF HUIZINGA AND CAILLOIS. VARIOUS TYPES OF GAMES ARE DESCRIBED, AND STATISTICS GIVEN ON HOW MANY PEOPLE PARTICIPATE IN EACH. AN INDEPTH STUDY OF THE HORSERACING INDUSTRY IS PRESENTED, ALONG WITH DATA ON ITS PARTICIPANTS. SOME LABORATORY AND FIELD STUDIES ON GAMBLING ARE CITED, WHICH CONCLUDE THAT THERE IS LITTLE OR NO CONNECTION AMONG GAMBLING MOTIVATION, THE UTILITY OF GAMBLING, AND PERSONALITY. SOME HYPOTHESES ON THE CONDITIONS OF GAMBLING ARE PRESENTED WHICH COVER THE FORCE OF RULES AS DETERMINANTS OF BOUNDARIES; THE ELABORATENESS OF RITUALS AS SYMBOLIC EXPRESSIONS OF GAMBLING; THE MAGNITUDE OF THE STAKES; THE PROBABILITIES OF THE PRIZES; THE SELECTIVITY OF ATTENTION DIRECTED TO THE PRIZES; THE PACE OF THE ACTION; THE INDEPENDENCE OF MOVES; THE TAKEOUTS EXACTED BY THE HOUSE; THE SUPPRESSION OF THE MOOD OF CAUTION; NOISE; SIGNALS; THE RATIO BETWEEN NOISE AND SIGNALS; THE SENSE OF PHYSICAL DISTANCE BETWEEN THE GAME AND OTHER, MUNDANE ACTIVITIES; AND THE SENSE OF INVOLVEMENT IN A GROUP OF PLAYERS OR OBSERVERS. A STUDY ON COMPULSIVE GAMBLING AND GAMBLERS IS PRESENTED. THE REGULATION AND CONTROL OF GAMBLING IS STUDIED WITH RELATION TO GAMBLING RACKETS, THE POLICE, AND ORGANIZED CRIME. A BIBLIOGRAPHY AND NOTES ARE PROVIDED. (BAC)