|
Betting is basically the wagering of something of value or money in an uncertain event with an equally uncertain result, together with the main purpose of winning either cash or product. Gambling therefore needs three elements in order for it to exist: risk, 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 this occurrence of this event and also the significance of the one's activities; while the third component, the prize, also refers to the monetary reimbursement one receives after winning. In gambling, what matters most is that you wins, while what things least is whether one wins or loses. In gambling, there's absolutely no such thing as pure win-loss ratio but instead a proportion of wins to all losses. |
|