Gambling is the act of wagering or betting money or something of value on an event with an uncertain outcome with the intent to win more money or things of value than was wagered. Gambling involves risking something of value, including money, for the chance of winning more than you risked.

What's the difference between wager and bet? A wager  is money or something deposited on the outcome of an event, eg a horse race, an election result etc while a bet  is a contract or agreement between two or possibly more parties that a payout will  occur after the event.