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Betting is basically the wagering of something of value or cash on an uncertain event with an equally uncertain consequence, together with the main purpose of winning either cash or product. Gambling therefore requires three components for it to exist: danger, consideration, and a reward. The first one describes the doubt of the outcome and the importance one gives for the; the second describes the relative likelihood of the occurrence of this event and the significance of this to one's activities; while the third element, the prize, refers to the monetary reimbursement one receives after winning. In gaming, what matters most is that one wins, while what things least is whether one wins or loses. In gaming, there is no such thing as pure win-loss ratio but instead a proportion of all wins to all losses. |
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