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Gambling is basically the wagering of some thing of value or cash on an uncertain event with an equally uncertain consequence, together with the major intention of winning either money or product. Gambling therefore needs three elements for it to exist: danger, consideration, and a reward. The first one describes the doubt of the outcome and also the importance one gives to the; the second refers to the relative likelihood of this occurrence of the event and also the significance of the one's actions; while the next element, the prize, describes the monetary compensation one receives after winning. In gaming, 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 wins to losses.

Betting is basically the wagering of some thing of value or cash in an uncertain event with an equally uncertain consequence, together with the major intention of winning either cash or merchandise. Gambling therefore needs three components for it to exist: danger, consideration, and a reward. The first one describes the uncertainty of the outcome and also the importance one gives to this; the second refers to the relative likelihood of this occurrence of the event and also the significance of the one's actions; while the next element, the prize, describes the monetary reimbursement one receives after winning. In gambling, what matters most is that you wins, while what things least is if one wins or loses. In gaming, there's absolutely no such thing as pure win-loss ratio but rather a proportion of all wins to all losses.