The ruling on participating in a prediction competition with monetary prizes

Question:
Honorable Shaykh, may Allah grant you success. What is the ruling on subscribing to one of the magazines that are published weekly, which accept entries related to waiting for the registration? The method of participation is to nominate one of the solutions that is predicted or is, and if all the statements have occurred, then by that one is a winner and wins a monetary prize. Does this fall under the saying of the Prophet (peace and blessings be upon him)? "There is no racing except in a spear, a hand, or a hoof."

Answer:
This is not permissible. This competition, which is predicting that a certain horse will win or not win, and if the one you nominated wins, you take a prize—this is invalid and not permissible. This is consuming wealth unjustly. It does not fall under the saying of the Prophet (peace and blessings be upon him) because the intended meaning is the racer himself, the one who races on the horse; the one who wins takes the prize. He rides the horse and races, so if he wins, he takes the prize. As for the one who is sitting on a chair or in his house and says, "I want to bet on so-and-so" or "So-and-so is not going to win," that is guessing about the unseen, and wealth is not to be consumed by it. Whoever consumes wealth by it is consuming wealth unjustly. This falls under gambling; it falls under gambling. Yes.