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Betting is fundamentally the wagering of some thing of value or cash on an uncertain event with an equally uncertain consequence, with the major intention of winning either money or merchandise. Gambling therefore needs three components 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 to the; the second refers to the comparative likelihood of this occurrence of this event and also the relevance of the one's activities; while the next element, the prize, also refers to the financial compensation one receives after winning. In gaming, 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 instead a proportion of wins to all losses. |
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