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 (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.
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