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Betting is basically the wagering of some thing of value or money in an uncertain event with a equally uncertain consequence, together with the main purpose of winning either money or product. Gambling therefore needs three elements for it to exist: danger, consideration, and a reward. The first one refers to the doubt of the outcome and also the importance one gives to this; the second refers to the relative likelihood of the occurrence of the event and the significance of the one's actions; while the third element, the prize, also refers to 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 rather a percentage of wins to all losses.

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