Betting is fundamentally the wagering of some thing of value or money in an uncertain event with a equally uncertain result, together with the main intention of winning either money or product. Gambling therefore requires three components in order for it to exist: risk, consideration, and a reward. The first one refers to the uncertainty of the outcome and the importance one gives to this; the second refers to the relative likelihood of the occurrence of this event and also the relevance of this to one's actions; while the next element, 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's absolutely no such thing as pure win-loss ratio but instead a proportion of all wins to losses.
