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Gambling is basically the wagering of some thing of value or cash on an uncertain event with a equally uncertain consequence, together with the main intention of winning either money or merchandise. Gambling therefore requires three elements for it to exist: risk, consideration, and a reward. The first one refers to the doubt of the outcome and the importance one gives for the; the second describes the comparative likelihood of this occurrence of the event and also the relevance of the one's activities; while the next element, the prize, describes the monetary compensation one receives after winning. In gambling, 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 rather a proportion of all wins to all losses. |
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