A wager (synonym - a bet) is a special type of contract between two or more people in which a specified quantity of money or goods is staked against the outcome of a specific event. A simple wager might involve the agreement for one party to give to the other some particular amount depending on the outcome of the event. In such a wager, there would be no " odds". By agreement, the amount of money to be made or lost by each of the parties to the contract may differ according to some scale agreed in advance (the odds ratio).
See also Scientific wagers
Examples of wagers
