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Betting is fundamentally the wagering of some thing of value or cash on an uncertain event with an equally uncertain consequence, with the main purpose of winning either money or product. Gambling therefore requires three elements in order for it to exist: danger, consideration, and a reward. The first one refers to the uncertainty of the outcome and also the importance one gives for this; the second describes the comparative likelihood of this occurrence of the event and the relevance of this to one's activities; while the third element, the prize, refers to the monetary reimbursement one receives after winning. In gaming, what matters most is that one wins, while what things least is whether one wins or loses. In gaming, there's absolutely no such thing as pure win-loss ratio but instead a percentage of wins to losses. |
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