Betting is basically the wagering of some thing of value or cash in an uncertain event with an equally uncertain result, with the major purpose of winning either cash or product. Gambling therefore requires three components for it to exist: risk, consideration, and a reward. The first one describes the uncertainty of the outcome and also the importance one gives to the; the second refers to the relative likelihood of this occurrence of this event and also the relevance of this to one's actions; while the third element, the prize, also refers to the monetary compensation one receives after winning. In gambling, what matters most is that you 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 rather a percentage of wins to losses.
