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Gambling is fundamentally the wagering of something of value or cash in an uncertain event with a equally uncertain result, with the major 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 the importance one gives for this; the second refers to the comparative likelihood of the occurrence of the event and the significance of the one's actions; while the third element, the prize, describes the monetary reimbursement one receives after winning. In gambling, what matters most is that one wins, while what matters least is whether one wins or loses. In gambling, there is no such thing as pure win-loss ratio but rather a proportion of wins to losses. |
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