'A bet' is defined as 'a bargain whereby the parties mutually agree to a gain or loss by one to the other of specified money, property or benefit dependent upon chance, although the chance is accompanied by some element of skill.'
The very act of placing a bet is considered a misdemeanor unless it is part of an exempt activity, such as lottery or social poker. Minnesota regulations prohibit individuals from engaging in most forms of gambling outside tribal casinos and racetracks.
