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Betting is basically the wagering of some thing of value or money in an uncertain event with an equally uncertain consequence, together with the main purpose of winning either money or product. Gambling therefore needs three components in order for it to exist: risk, consideration, and a reward. The first one refers to the doubt of the outcome and also the importance one gives for this; the second refers to the relative likelihood of this occurrence of this event and the relevance of the one's actions; while the next component, the prize, refers to the financial compensation one receives after winning. In gaming, what matters most is that one wins, while what things least is if one wins or loses. In gambling, there is no such thing as pure win-loss ratio but rather a percentage of all wins to all losses.
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