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Gambling is fundamentally the wagering of something of value or cash in an uncertain event with an equally uncertain consequence, together with the major intention of winning either cash or product. Gambling therefore needs three components for it to exist: risk, consideration, and a reward. The first one describes the doubt of the outcome and the importance one gives for the; the second refers to the relative likelihood of this occurrence of this event and the significance of this to one's activities; while the next component, the prize, also describes the financial compensation one receives after winning. In gaming, what matters most is that one wins, while what matters least is if one wins or loses. In gambling, there is no such thing as pure win-loss ratio but rather a proportion of wins to all losses. |
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