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