An offer of a prize, award, or compensation to the actual contestants in any bona fide contest for the determination of skill, speed, strength, or endurance or to the owners of animals, vehicles, watercraft, or aircraft entered in such contest.Contracts of indemnity or guaranty or life, health, property, or accident insurance or.'Bet' means an agreement that, dependent upon chance even though accompanied by some skill, one stands to win or lose something of value.