the blue and red idea network

Betting is fundamentally the wagering of some thing of value or money on an uncertain event with a equally uncertain consequence, with the main intention of winning either money or merchandise. Gambling therefore requires three elements in order for it to exist: danger, consideration, and a reward. The first one describes the uncertainty of the outcome and also the importance one gives for this; the second refers to the relative likelihood of this occurrence of the event and the relevance of this to one's activities; while the third component, the prize, also describes the monetary compensation one receives after winning. In gaming, what matters most is that one wins, while what matters least is whether one wins or loses. In gambling, there's absolutely no such thing as pure win-loss ratio but instead a percentage of wins to losses.