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Betting is fundamentally the wagering of something of value or money in an uncertain event with an equally uncertain result, with the main purpose of winning either cash or product. Gambling therefore needs three components for it to exist: danger, consideration, and a reward. The first one refers to the doubt of the outcome and the importance one gives for this; the second describes the comparative likelihood of this occurrence of the event and the significance of the one's actions; while the third component, the prize, refers to the financial 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 instead a proportion of all wins to all losses. |
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