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Betting is fundamentally the wagering of some thing of value or cash on an uncertain event with a equally uncertain result, together with the main intention of winning either money or product. Gambling therefore needs 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 this; the second refers to the comparative likelihood of the occurrence of this event and the relevance of the one's activities; while the third component, the prize, also describes the monetary compensation one receives after winning. In gambling, what matters most is that one 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 rather a proportion of all wins to all losses. |
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