In Hankins v. Ottinger (1896) 115 Cal. 454, the parties, both owning horses that were entered in certain stake races, agreed to pool "all premiums and stake moneys" awarded to either and then to divide the sum equally. ( Id. at p. 456.) The defendant reneged and contended the agreement was an unenforceable wagering venture. (Ibid.) In rejecting the defendant's contention, the court noted: " 'In a premium or reward there is but one party until the act or thing or purpose for which it is offered has been accomplished. A premium is a reward or recompense for some act done; a wager is a stake upon an uncertain event. In a premium it is known who is to give before the event; in a wager it is not known till after the event. The two need not be confounded.' " ( Id. at p. 457.) The court added: " 'A purse, prize, or premium is ordinarily some valuable thing offered by a person for the doing of something by others, into the strife for which he does not enter. He has not a chance of gaining the thing offered; and, if he abide by his offer, that he must lose it, and give it over to some of those contending for it, is reasonably certain.' " ( Id. at p. 458.)