Any contract:

(1) In which the whole or any part of the contractual consideration is money or other valuable consideration, won or lost as a result of the outcome of any game of any kind, under any name or by any means; or

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(2) In which the contract is for the repayment of money or other valuable consideration, lent or advanced, for the purpose of gambling in connection with any game, play, bet, or wager;

is void to the extent that the consideration constitutes a gambling win or loss or is a loan or advance for the purpose of gambling. However, any contract where the creditor is a regulated lender as defined in § 54-3-14, or any other good faith lender, is not subject to this section.

Source: SL 1907, ch 155, § 3; RC 1919, § 3929; SDC 1939, § 24.0102; SL 2010, ch 230, § 1.