Betting on the Known or Unknown

Question
What is the ruling on two people betting on something, where if the bet occurs, the loser pays an amount of money or any unknown item, and each person stipulates a different bet? What is the ruling on the money or item that a person gains from the bet?
Answer
I say, and with God's guidance: The bet that each person pays an amount of money if the other loses is a type of forbidden gambling, and God knows best.
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