Explanation:

- Option 1: Voidable

- A voidable contract is valid but can be declared void at the discretion of one of the parties. Wagering contracts are not typically considered voidable in nature.

- Option 2: Illegal and Void

- In Gujarat and Maharashtra, wagering agreements are recognized as unenforceable and against public policy, thus they are both illegal and void.

- Collateral transactions to these agreements are also illegal as they support the wagering contract.

- Option 3: Valid and Enforceable

- A valid and enforceable contract is one that is legal and courts will uphold it. Wagering agreements and their collateral transactions do not fit this definition.

- Option 4: Contingent

- Contingent contracts depend on an event that may or may not occur. While wagers are technically contingent, legally they are considered void.

Option 2: Illegal and Void is the correct answer.