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Gambling is basically the wagering of some thing of value or cash in an uncertain event with an equally uncertain result, together with the major intention of winning either cash or merchandise. Gambling therefore requires three elements 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 this; the second refers to the relative likelihood of this occurrence of this event and also the significance of the one's activities; while the third component, the prize, also refers to the monetary reimbursement one receives after winning. In gambling, what matters most is that you 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 percentage of wins to losses. |
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