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Betting is fundamentally the wagering of something of value or cash in an uncertain event with an equally uncertain consequence, with the major intention of winning either money or product. Gambling therefore requires three components for it to exist: risk, consideration, and a reward. The first one describes the uncertainty of the outcome and the importance one gives for this; the second refers to the comparative likelihood of this occurrence of the event and also the significance of this to one's activities; while the third component, the prize, also describes the monetary reimbursement one receives after winning. In gambling, what matters most is that you 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 proportion of all wins to losses. |
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