Forum Iris & Bulbes

Betting is basically the wagering of something of value or money in an uncertain event with an equally uncertain result, together with the major intention of winning either cash or merchandise. Gambling therefore requires three elements for it to exist: risk, consideration, and a reward. The first one describes the uncertainty of the outcome and also the importance one gives for this; the second describes the relative likelihood of the occurrence of the event and the relevance of this to one's actions; while the third element, the prize, also describes the financial compensation one receives after winning. In gaming, what matters most is that one wins, while what things least is whether one wins or loses. In gambling, there is no such thing as pure win-loss ratio but instead a percentage of all wins to losses.