Betting is basically the wagering of some thing of value or money in an uncertain event with a equally uncertain consequence, with the major purpose of winning either money or product. Gambling therefore needs three components in order for it to exist: risk, consideration, and a reward. The first one refers to the uncertainty of the outcome and also the importance one gives to this; the second refers to the relative likelihood of the occurrence of this event and also the significance of the one's activities; while the next component, the prize, describes the financial compensation one receives after winning. In gambling, what matters most is that you wins, while what matters least is whether one wins or loses. In gaming, there is no such thing as pure win-loss ratio but rather a percentage of wins to all losses.
