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Gambling is fundamentally the wagering of some thing of value or cash in an uncertain event with an equally uncertain consequence, with the major purpose of winning either money or product. Gambling therefore requires three elements 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 relative likelihood of this occurrence of this event and the relevance of this to one's actions; while the third component, the prize, describes the financial compensation one receives after winning. In gambling, what matters most is that you wins, while what things least is whether one wins or loses. In gambling, there's absolutely no such thing as pure win-loss ratio but instead a percentage of all wins to losses. |
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