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Betting is fundamentally the wagering of some thing of value or money in an uncertain event with a equally uncertain result, together with the major purpose of winning either cash or merchandise. Gambling therefore needs three elements for it to exist: risk, consideration, and a reward. The first one refers to the doubt of the outcome and also the importance one gives for the; the second refers to the relative likelihood of this occurrence of the event and also the relevance of the one's actions; while the next component, the prize, also refers to the financial compensation one receives after winning. In gaming, what matters most is that one wins, while what things least is if one wins or loses. In gaming, there is no such thing as pure win-loss ratio but instead a proportion of wins to losses. |
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