What is the ruling on betting between two people on a certain matter?

The questioner : May Allah reward you, O Shaykh: Now, some people bet on something. One says, "I will give fifty or one hundred riyals if such and such happens," and the other says, "I will do the same if such and such happens, or a dinner?"

The Shaykh : This is not permissible, because the Prophet (peace and blessings be upon him) said: The hoof of the camel, the hoof of the horse, and the arrow—meaning archery—these three are permissible to bet on, and anything other than that is not permissible.