Is wagering (competition with stakes/compensation) permissible in general?

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Wagering is permissible based on Sunnah and consensus (Ijma). The Sunnah is evidenced by the report from Ibn Umar that the Prophet (PBUH) raced fit horses between Al-Hafiya and Thanat Al-Wada', and unconditioned horses between Thanat Al-Wada' and the mosque of Banu Zuraik. Consensus exists among Muslims on the permissibility of wagering in principle.