I think KBC was a Wagering Contract and Wagering contracts are void and illegal as per Sec 29 read with section 30 of the Contract Act, 1872. Thus KBC was an illegal contract. In this due to uncertain nature one party wins and other loses.
Section 30 says that “Agreements by way of wager are void; and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide by result of any game or other uncertain event on which any wager is made.”
