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Gambling is fundamentally the wagering of some thing of value or cash in an uncertain event with an equally uncertain result, with the major purpose of winning either cash or product. Gambling therefore requires three elements for it to exist: danger, consideration, and a reward. The first one describes the uncertainty of the outcome and the importance one gives to this; the second refers to the comparative likelihood of the occurrence of this event and also the relevance of this to one's activities; while the next component, the prize, describes the monetary reimbursement one receives after winning. In gambling, what matters most is that you 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 percentage of wins to losses. |
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