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Betting is fundamentally the wagering of something of value or cash on an uncertain event with a equally uncertain result, with the main intention of winning either money or merchandise. Gambling therefore needs three elements in order for it to exist: danger, 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 the event and also the relevance of the one's actions; while the next component, the prize, refers to the financial compensation one receives after winning. In gambling, what matters most is that you wins, while what matters least is if one wins or loses. In gaming, there's absolutely no such thing as pure win-loss ratio but instead a proportion of wins to losses.

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