Forum Iris & Bulbes

Betting is basically the wagering of something of value or money in an uncertain event with an equally uncertain result, with the main intention 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 the; the second describes the comparative likelihood of this occurrence of this event and the relevance of this to one's activities; while the third element, the prize, also describes the monetary reimbursement one receives after winning. In gaming, 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 instead a proportion of all wins to all losses.