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Betting is fundamentally the wagering of something of value or cash in an uncertain event with a equally uncertain consequence, together with the main purpose of winning either money or merchandise. Gambling therefore requires three elements for it to exist: danger, consideration, and a reward. The first one describes the doubt of the outcome and the importance one gives for the; the second refers to the comparative likelihood of the occurrence of the event and the relevance of this to one's actions; while the third component, the prize, also describes the monetary reimbursement one receives after winning. In gaming, what matters most is that one wins, while what things least is if one wins or loses. In gaming, there is no such thing as pure win-loss ratio but instead a percentage of all wins to all losses. |
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