In which activities is wagering permitted with compensation (stakes)?

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Wagering with compensation is only permissible in three specific categories: horses (riding), camels, and archery (throwing/shooting). These three are singled out because they are instruments of war that one is commanded to learn, master, and excel in. Exerting utmost effort in them through wagering serves the encouragement ordered by the Shar' in compliance with the verse: {And prepare against them whatever you are able of power and of tethered horses by which you may terrify the enemy of Allah and your enemy} [Quran 8:60]. The Prophet (PBUH) also stated, "Verily, strength is archery, verily, strength is archery."