|
Gambling is basically the wagering of something of value or money on an uncertain event with a equally uncertain consequence, with the main intention of winning either money or product. Gambling therefore requires three elements 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 to this; the second refers to the relative likelihood of this occurrence of the event and the significance of the one's activities; while the third component, the prize, also refers to the financial compensation one receives after winning. In gaming, what matters most is that you wins, while what things least is if one wins or loses. In gambling, there is no such thing as pure win-loss ratio but instead a percentage of wins to all losses. |
|