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Betting is basically the wagering of something of value or money in an uncertain event with a equally uncertain consequence, together with the major purpose of winning either cash or product. Gambling therefore needs three components in order for it to exist: risk, consideration, and a reward. The first one describes the uncertainty of the outcome and the importance one gives to the; the second describes the comparative likelihood of this occurrence of the event and the significance of the one's actions; while the next component, the prize, describes the financial compensation one receives after winning. In gaming, what matters most is that one wins, while what matters least is if one wins or loses. In gambling, there's absolutely no such thing as pure win-loss ratio but instead a percentage of wins to all losses. |
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