Betting is basically the wagering of some thing of value or cash in an uncertain event with a equally uncertain result, with the major purpose of winning either money or merchandise. Gambling therefore needs three elements 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 this; the second describes the relative likelihood of this occurrence of this event and the significance of this to one's actions; while the third element, the prize, also describes the financial reimbursement 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.
