the blue and red idea network

Betting is basically the wagering of something of value or money in an uncertain event with a equally uncertain result, together with the main purpose of winning either cash or merchandise. Gambling therefore needs three elements in order for it to exist: risk, consideration, and a reward. The first one describes the doubt of the outcome and also the importance one gives for this; the second describes the relative likelihood of this occurrence of the event and the significance of the one's activities; while the third element, the prize, also refers to the financial reimbursement one receives after winning. In gaming, what matters most is that you 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 rather a percentage of wins to losses.