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How Science is Taking the Luck out of Gambling - with Adam Kucharski Most gambling games are pretty simple, but the terms used to talk about them are not. There's an entire language filled with slang terms that gamblers know, which can be intimidating or confusing to new players. Gambling is the wagering of money or something of value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning money or material goods. Gambling thus requires three elements be present: consideration, chance and prize. Gamblit Gaming is announcing today it has raised $12 million in funding for its real-money gambling platform. But rather than convert a social casino slots game into a gambling game, Gamblit is looking for something altogether new.