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Gambling is fundamentally the wagering of some thing of value or money in an uncertain event with an equally uncertain consequence, together with the major purpose of winning either cash or product. Gambling therefore requires three components in order for it to exist: risk, consideration, and a reward. The first one describes 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 significance of the one's activities; while the third component, 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 gambling, there is no such thing as pure win-loss ratio but rather a percentage of wins to all losses. |
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