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Betting is basically the wagering of some thing of value or cash in an uncertain event with a equally uncertain result, together with the main purpose of winning either cash or product. Gambling therefore needs three elements in order for it to exist: danger, consideration, and a reward. The first one describes the doubt of the outcome and also the importance one gives for this; the second refers to the relative likelihood of this occurrence of the event and also the relevance of the one's actions; while the third component, the prize, describes the monetary reimbursement one receives after winning. In gaming, what matters most is that one wins, while what matters least is whether one wins or loses. In gambling, there's absolutely no such thing as pure win-loss ratio but rather a percentage of all wins to losses. |
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