Our traditional view of betting is very narrow: casinos, sporting events, lottery tickets, wagering against someone else on the chance of a favorable… - Annie Duke

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Our traditional view of betting is very narrow: casinos, sporting events, lottery tickets, wagering against someone else on the chance of a favorable outcome of some event. The definition of "bet" is much broader. Merriam-Webster's Online Dictionary defines "bet" as "a choice made by thinking about what will probably happen," "to risk losing (something) when you try to do or achieve something" and "to make decisions that are based on the belief that something will happen or is true." I have emphasized the broader, often overlooked, aspects of betting: choice, probability, risk, decision, belief. We can also see from this definition that betting doesn't have to take place in a casino or against somebody else.