|
Betting is fundamentally the wagering of something of value or cash on an uncertain event with a equally uncertain result, with the major purpose of winning either money or product. Gambling therefore requires three elements in order for it to exist: risk, consideration, and a reward. The first one refers to the doubt of the outcome and also the importance one gives for the; the second refers to the comparative likelihood of the occurrence of this event and also the relevance of the one's actions; while the third element, the prize, also describes the financial compensation one receives after winning. In gambling, what matters most is that one wins, while what things least is if 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. |
|