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Betting is fundamentally the wagering of something of value or money in 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 uncertainty of the outcome and also the importance one gives to the; the second describes the comparative likelihood of the occurrence of this event and the significance of the one's actions; while the next component, the prize, also describes the monetary compensation one receives after winning. In gambling, what matters most is that one wins, while what things least is whether one wins or loses. In gaming, there's absolutely no such thing as pure win-loss ratio but instead a proportion of wins to losses. |
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