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Betting is fundamentally the wagering of something of value or money in an uncertain event with a equally uncertain result, with the major purpose of winning either money or merchandise. Gambling therefore requires three elements for it to exist: risk, consideration, and a reward. The first one describes the uncertainty of the outcome and the importance one gives for the; the second describes the comparative likelihood of the occurrence of this event and the relevance of the one's activities; while the next component, the prize, also refers to the monetary 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 gambling, there is no such thing as pure win-loss ratio but rather a percentage of all wins to all losses. |
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