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Gambling is basically the wagering of something of value or cash on an uncertain event with a equally uncertain result, with the major purpose of winning either cash or product. Gambling therefore requires three elements in order for it to exist: danger, consideration, and a reward. The first one refers to the uncertainty of the outcome and also the importance one gives for this; the second describes the relative likelihood of this occurrence of this event and also the relevance of this to one's actions; 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 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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