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Gambling is basically the wagering of some thing of value or cash in an uncertain event with an equally uncertain consequence, with the major intention of winning either cash or merchandise. Gambling therefore requires three elements in order for it to exist: danger, consideration, and a reward. The first one refers to the doubt of the outcome and the importance one gives for the; the second refers to the comparative likelihood of the occurrence of this event and also the relevance of the one's actions; while the next component, the prize, refers to the monetary compensation one receives after winning. In gambling, what matters most is that you wins, while what matters least is if 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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