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