44-465: Colosimo is an Italian surname. Notable people with the surname include: Big Jim Colosimo (1878–1920), Italian organized crime figure Gaspare Colosimo (1859–1940), Italian jurist and politician Simon Colosimo (born 1979), Australian soccer player Vince Colosimo (born 1966), Australian actor See also [ edit ] Colosimi [REDACTED] Surname list This page lists people with
88-597: A casino setting. Gambling games that take place outside of casinos include bingo (as played in the US and UK ), dead pool , lotteries , pull-tab games and scratchcards , and Mahjong . Other non-casino gambling games include: *Although coin tossing is not usually played in a casino, it has been known to be an official gambling game in some Australian casinos Fixed-odds betting and Parimutuel betting frequently occur at many types of sporting events, and political elections. In addition many bookmakers offer fixed odds on
132-628: A precinct captain and later their bagman . This gave Colosimo the political connections that helped him rise to power as a mob boss. Later, Colosimo acquired another nickname, "Diamond Jim," because he frequently dressed in a white suit and wore diamond pins, rings, and other jewelry. This, combined with his charm and money, helped him establish relationships with women. He loved women and money, which fueled his enthusiasm for prostitution . In 1902, Colosimo married Victoria Moresco, an established Chicago madam and together they began expanding their prostitution business. Among Colosimo's first brothels
176-468: A prize . The outcome of the wager is often immediate, such as a single roll of dice , a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season. The term "gaming" in this context typically refers to instances in which the activity has been specifically permitted by law . The two words are not mutually exclusive; i.e. ,
220-770: A "gaming" company offers (legal) "gambling" activities to the public and may be regulated by one of many gaming control boards , for example, the Nevada Gaming Control Board . However, this distinction is not universally observed in the English-speaking world. For instance, in the United Kingdom, the regulator of gambling activities is called the Gambling Commission (not the Gaming Commission). The word gaming
264-588: A brothel at 2222 South Wabash called the Four Deuces, referencing the address. Torrio hired his old Brooklyn colleague Al Capone to work as a bartender and bouncer , which gave Capone his entry into Chicago crime. When Prohibition went into effect in 1920, Torrio pushed for the gang to enter into bootlegging , but Colosimo stubbornly refused. In March 1920, Colosimo secured an uncontested divorce from Moresco. A month later, he and Dale Winter eloped to West Baden Springs, Indiana . Upon their return, he bought
308-557: A chain of brothels . From 1902 until his death in 1920, he led a gang known after his death as the Chicago Outfit . Colosimo was assassinated on May 11, 1920, and no one was ever charged with his murder. Johnny Torrio , an enforcer whom Colosimo imported in 1909 from New York, seized control of Colosimo's businesses after his death. Al Capone , a close associate of Torrio, has been accused of involvement in Colosimo's murder but
352-662: A gambling contract may not give a casino bona fide purchaser status, permitting the recovery of stolen funds in some situations. In Lipkin Gorman v Karpnale Ltd , where a solicitor used stolen funds to gamble at a casino, the House of Lords overruled the High Court's previous verdict, adjudicating that the casino return the stolen funds less those subject to any change of position defence. U.S. Law precedents are somewhat similar. For case law on recovery of gambling losses where
396-478: A home on the South Side. On May 11, 1920, Colosimo drove to Colosimo's Cafe to meet an associate he had never met before. He was shot and killed a few minutes after entering the restaurant by a gunman hiding in the cloak room. A bullet entered Colosimo's brain, behind his right ear. Contract killer Frankie Yale had allegedly traveled from New York to Chicago and personally killed longtime gang boss Colosimo at
440-563: A house bias can quite easily be missed unless the devices are checked carefully. Most jurisdictions that allow gambling require participants to be above a certain age. In some jurisdictions, the gambling age differs depending on the type of gambling. For example, in many American states one must be over 21 to enter a casino, but may buy a lottery ticket after turning 18. Because contracts of insurance have many features in common with wagers, insurance contracts are often distinguished in law as agreements in which either party has an interest in
484-587: A number of non-sports related outcomes, for example the direction and extent of movement of various financial indices , the winner of television competitions such as Big Brother , and election results. Interactive prediction markets also offer trading on these outcomes, with "shares" of results trading on an open market. One of the most widespread forms of gambling involves betting on horse or greyhound racing . Wagering may take place through parimutuel pools, or bookmakers may take bets personally. Parimutuel wagers pay off at prices determined by support in
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#1732802304855528-410: A restaurant and nightclub at 2126 South Wabash. It quickly became a popular destination for prominent Chicagoans and visitors, gaining nationwide fame. Colosimo's crew grew into a multi-ethnic, hierarchical gang, with Italian, Irish, Polish, and Jewish gangsters. Colosimo's vice interests eventually expanded into Chicago's suburbs, including Burnham and South Chicago. In 1919, Torrio and Colosimo opened
572-769: A source of destruction in Singalovada Sutra . Professions that are seen to violate the precept against theft include working in the gambling industry. Ancient Hindu poems like the Gambler's Lament and the Mahabharata testify to the existence of gambling among ancient Indians, while highlighting its destructive impact. The text Arthashastra ( c. 4th century BCE ) recommends taxation and control of gambling. Ancient Jewish authorities frowned on gambling, even disqualifying professional gamblers from testifying in court. The Catholic Church holds
616-430: A statement is true or false, or that a specified event will happen (a "back bet") or will not happen (a "lay bet") within a specified time. This occurs in particular when two people have opposing but strongly held views on truth or events. Not only do the parties hope to gain from the bet, they place the bet also to demonstrate their certainty about the issue. Some means of determining the issue at stake must exist. Sometimes
660-591: Is a consensus among the ‘ Ulema ’ ( Arabic : عُـلـمـاء , Scholars (of Islam )) that gambling is haraam ( Arabic : حَـرام , sinful or forbidden). In assertions made during its prohibition, Muslim jurists describe gambling as being both un- Qur’anic , and as being generally harmful to the Muslim Ummah ( Arabic : أُمَّـة , Community). The Arabic terminology for gambling is Maisir . They ask you about intoxicants and gambling. Say: 'In them both lies grave sin, though some benefit, to mankind. But their sin
704-464: Is a theoretically risk-free betting system in which every outcome of an event is bet upon so that a known profit will be made by the bettor upon completion of the event regardless of the outcome. Arbitrage betting is a combination of the ancient art of arbitrage trading and gambling, which has been made possible by the large numbers of bookmakers in the marketplace, creating occasional opportunities for arbitrage. One can also bet with another person that
748-543: Is acceptable is a matter of debate: Investments are also usually not considered gambling, although some investments can involve significant risk. Examples of investments include stocks , bonds and real estate . Starting a business can also be considered a form of investment. Investments are generally not considered gambling when they meet the following criteria: Some speculative investment activities are particularly risky, but are sometimes perceived to be different from gambling: A levant or levanting characterises
792-539: Is different from Wikidata All set index articles Big Jim Colosimo Vincenzo Colosimo ( Italian: [vinˈtʃɛntso koˈlɔːzimo] ; February 16, 1878 – May 11, 1920), known as James " Big Jim " Colosimo or as " Diamond Jim ", was an Italian-American Mafia crime boss who emigrated from Calabria , Italy, in 1895 and built a criminal empire in Chicago based on prostitution, gambling and racketeering. He gained power through petty crime and heading
836-623: Is more grave than their benefit.' In parts of the world that implement full Shari‘ah, such as Aceh , punishments for Muslim gamblers can range up to 12 lashes or a one-year prison term and a fine for those who provide a venue for such practises. Some Islamic nations prohibit gambling; most other countries regulate it . According to the Most Holy Book , paragraph 155, gambling is forbidden. While almost any game can be played for money, and any game typically played for money can also be played just for fun, some games are generally offered in
880-508: Is reached, and the motivation is entertainment and not personal gain leading to the "love of money" or making a living. In general, Catholic bishops have opposed casino gambling on the grounds that it too often tempts people into problem gambling or addiction, and has particularly negative effects on poor people; they sometimes also cite secondary effects such as increases in loan sharking, prostitution, corruption, and general public immorality. Some parish pastors have also opposed casinos for
924-400: Is used more frequently since the rise of computer and video games to describe activities that do not necessarily involve wagering, especially online gaming , with the new usage still not having displaced the old usage as the primary definition in common dictionaries. "Gaming" has also been used euphemistically to circumvent laws against "gambling". The media and others have used one term or
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#1732802304855968-1058: The Christian Reformed Church in North America , the Church of the Lutheran Confession , the Southern Baptist Convention , the Assemblies of God , and the Seventh-day Adventist Church . Other churches that oppose gambling include the Jehovah's Witnesses , The Church of Jesus Christ of Latter-day Saints , the Iglesia ni Cristo , and the Members Church of God International . There
1012-523: The surname Colosimo . If an internal link intending to refer to a specific person led you to this page, you may wish to change that link by adding the person's given name (s) to the link. Retrieved from " https://en.wikipedia.org/w/index.php?title=Colosimo&oldid=1058977208 " Categories : Surnames Surnames of Italian origin Toponymic surnames Hidden categories: Articles with short description Short description
1056-607: The "bet-upon" outcome beyond the specific financial terms; for example, a "bet" with an insurer on whether one's house will burn down is not gambling, but rather insurance , as the homeowner has an obvious interest in the continued existence of the home independent of the purely financial aspects of the "bet" (i.e., the insurance policy). Nonetheless, both insurance and gambling contracts are typically considered aleatory contracts under most legal systems, though they are subject to different types of regulation. Under common law , particularly English Law ( English unjust enrichment ),
1100-683: The 17th century. The first known casino, the Ridotto , started operating in 1638 in Venice, Italy. Gambling has been a main recreational activity in Great Britain for centuries. Queen Elizabeth I chartered a lottery that was drawn in 1569. Horseracing has been a favorite theme for over three centuries. It has been heavily regulated. Historically much of the opposition comes from Nonconformist Protestants , and from social reformers. Gambling has been part of Singapore's history, though it
1144-634: The act of absconding following the outcome of a bet. Problem gambling has multiple symptoms. Gamblers often play again to try to win back money they have lost, and some gamble to relieve feelings of helplessness and anxiety. In the United Kingdom, the Advertising Standards Authority has censured several betting firms for advertisements disguised as news articles suggesting falsely that a person had cleared debts and paid for medical expenses by gambling online. The firms face possible fines. A 2020 study of 32 countries found that
1188-713: The additional reason that they would take customers away from church bingo and annual festivals where games such as blackjack , roulette , craps , and poker are used for fundraising. St. Thomas Aquinas wrote that gambling should be especially forbidden where the losing bettor is underage or otherwise not able to consent to the transaction. Gambling has often been seen as having social consequences , as satirized by Balzac . For these social and religious reasons, most legal jurisdictions limit gambling, as advocated by Pascal . Gambling views among Protestants vary, with some either discouraging or forbidding their members from participation in gambling. Methodists , in accordance with
1232-413: The amount bet remains nominal, demonstrating the outcome as one of principle rather than of financial importance. Betting exchanges allow consumers to both back and lay at odds of their choice. Similar in some ways to a stock exchange, a bettor may want to back a horse (hoping it will win) or lay a horse (hoping it will lose, effectively acting as bookmaker). Spread betting allows gamblers to wager on
1276-453: The behest of Torrio. Although suspected by Chicago police, Yale was never officially charged. Colosimo was allegedly murdered because he stood in the way of his gang making bootlegging profits, having "gone soft" after his marriage with Winter. Colosimo was the first gang leader to organize the disparate parts of Chicago's crime scene. After his death, Torrio took over his gang, later to be replaced by Al Capone . His mob eventually became
1320-513: The collectible game pieces (respectively, small discs and trading cards) as stakes, resulting in a meta-game regarding the value of a player's collection of pieces. Gambling dates back at least to the Paleolithic period, before written history. In Mesopotamia the earliest six-sided dice date to about 3000 BCE . However, they were based on astragali dating back thousands of years earlier. In China, gambling houses were widespread in
1364-750: The doctrine of outward holiness , oppose gambling which they believe is a sin that feeds on greed. Other denominations that discourage gambling are the United Methodist Church , the Free Methodist Church , the Evangelical Wesleyan Church , the Salvation Army , and the Church of the Nazarene . Other Protestants that oppose gambling include Mennonites , Schwarzenau Brethren , Quakers ,
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1408-415: The early 20th century, gambling was almost uniformly outlawed throughout the U.S. and thus became a largely illegal activity, helping to spur the growth of the mafia and other criminal organizations . The late 20th century saw a softening in attitudes towards gambling and a relaxation of laws against it. Many jurisdictions, local as well as national, either ban gambling or heavily control it by licensing
1452-584: The first millennium BCE, and betting on fighting animals was common. Lotto games and dominoes (precursors of Pai Gow ) appeared in China as early as the 10th century. Playing cards appeared in the 9th century CE in China. Records trace gambling in Japan back at least as far as the 14th century. Poker , the most popular U.S. card game associated with gambling, derives from the Persian game As-Nas , dating back to
1496-589: The infamous Chicago Outfit that ruled over some parts of the city. Colosimo was interred at Oak Woods Cemetery in Chicago, in a lavish funeral witnessed by 5,000 mourners. Gambling Gambling (also known as betting or gaming ) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and
1540-559: The loser had stolen the funds see "Rights of owner of stolen money as against one who won it in gambling transaction from thief". An interesting question is what happens when the person trying to make recovery is the gambler's spouse, and the money or property lost was either the spouse's, or was community property . This was a minor plot point in a Perry Mason novel, The Case of the Singing Skirt , and it cites an actual case Novo v. Hotel Del Rio . The Buddha stated gambling as
1584-490: The other to frame conversations around the subjects, resulting in a shift of perceptions among their audiences. Gambling is also a major international commercial activity, with the legal gambling market totaling an estimated $ 335 billion in 2009. In other forms, gambling can be conducted with materials that have a value, but are not real money. For example, players of marbles games might wager marbles, and likewise games of Pogs or Magic: The Gathering can be played with
1628-605: The outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome. For example, a wager can be based on the when a point is scored in the game in minutes and each minute away from the prediction increases or reduces the payout. Many betting systems have been created in an attempt to "beat the house" but no system can make a mathematically unprofitable bet in terms of expected value profitable over time. Widely used systems include: Many risk-return choices are sometimes referred to colloquially as "gambling." Whether this terminology
1672-401: The position that there is no moral impediment to gambling, so long as it is fair, all bettors have a reasonable chance of winning, there is no fraud involved, and the parties involved do not have actual knowledge of the outcome of the bet (unless they have disclosed this knowledge), and as long as the following conditions are met: the gambler can afford to lose the bet, and stops when the limit
1716-645: The vendors. Such regulation generally leads to gambling tourism and illegal gambling in the areas where it is not allowed. The involvement of governments, through regulation and taxation, has led to a close connection between many governments and gambling organizations, where legal gambling provides significant government revenue, such as in Monaco and Macau , China. There is generally legislation requiring that gambling devices be statistically random , to prevent manufacturers from making some high-payoff results impossible. Since these high payoffs have very low probability ,
1760-994: The wagering pools, while bookmakers pay off either at the odds offered at the time of accepting the bet; or at the median odds offered by track bookmakers at the time the race started. Betting on team sports has become an important service industry in many countries. Before the advent of the internet, millions of people played the football pools every week in the United Kingdom . In addition to organized sports betting, both legal and illegal, there are many side-betting games played by casual groups of spectators, such as NCAA basketball tournament Bracket Pools, Super Bowl Squares, Fantasy Sports Leagues with monetary entry fees and winnings, and in-person spectator games like Moundball . Based on Sports Betting, Virtual Sports are fantasy and never played sports events made by software that can be played every time without wondering about external things like weather conditions. Arbitrage betting
1804-400: Was The Victoria (named after his wife), on Archer and Armour Avenue, and The Saratoga, at Dearborn and 22nd Street. Within a few years, Colosimo had expanded this to nearly 200 brothels and had also made inroads into gambling and racketeering . Colosimo was reputedly making $ 50,000 ($ 720,000 in 2022) per month from his various legal and illegal operations. By 1909, Black Hand extortion
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1848-516: Was a serious threat to Colosimo in Chicago. He brought in gangster John "The Fox" Torrio from Brooklyn and made him his second in command. Torrio was the nephew of Moresco. Laurence Bergreen states, "Torrio is [also] described as Colosimo's nephew, but in the absence of any evidence to confirm the relationship, it is more likely their kinship was spiritual rather than familial." There are also references to Colosimo's wife being somehow related to John Torrio. In 1910, Colosimo opened Colosimo's Cafe,
1892-400: Was not yet in Chicago at the time. Colosimo was born on February 16, 1878, to Luigi Colosimo and his second wife Giuseppina Mascaro in the town of Colosimi , Province of Cosenza , Italy. He emigrated from Italy to Chicago at the age of 17, starting out as a petty criminal. Colosimo attracted the attention of First Ward aldermen Michael "Hinky Dink" Kenna and John Coughlin . They made him
1936-511: Was strictly controlled by the government for many years. In the mid-20th century, illegal gambling was common. However, with the opening of regulated casinos in 2010, the approach shifted. Today, the government enforces strict laws to promote responsible gambling and prevent illegal activities. Gambling has been a popular activity in the United States for centuries. It has also been suppressed by law in many areas for almost as long. By
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