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Betting is basically the wagering of some thing of value or money on an uncertain event with a equally uncertain consequence, together with the major purpose of winning either cash 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 also the importance one gives for the; the second refers to the relative likelihood of the occurrence of the event and the relevance of the one's actions; 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 matters least is whether one wins or loses. In gaming, there is no such thing as pure win-loss ratio but instead a proportion of wins to all losses. |
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