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Gambling is fundamentally the wagering of something of value or money on an uncertain event with an equally uncertain consequence, together with the major purpose of winning either cash or merchandise. Gambling therefore requires three elements in order for it to exist: risk, consideration, and a reward. The first one describes the doubt of the outcome and also the importance one gives to the; the second describes the relative likelihood of this occurrence of this event and the significance of this to one's activities; while the next component, the prize, also describes the financial reimbursement one receives after winning. In gaming, what matters most is that you wins, while what things 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 all wins to losses. |
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