or something of material value
(referred to as "the stakes") on an event
with an uncertain outcome with the primary intent of winning additional money and/or material goods. Typically, the outcome of the wager is evident within a short period.
The term gaming in this context typically refers to instances in which the activity has been specifically permitted by law
Gambling is risk-taking. It might be said the owner of a casino gambles, takes risks, but he has the odds in his favour, so that’s intelligent gambling. If I wanted to gamble, I’d buy the casino.
When you’re betting and you win, naturally you have that satisfaction, and the profit.
That the chance of gain is naturally over-valued, we may learn from the universal success of lotteries.