wager

A wager is something of value risked on the outcome of an uncertain event, with the participant's payoff depending on the result. Wagering is the act of placing such a stake; the wager or stake is the amount risked.

Etymology: The term wager derives from Old French gage through Middle English, originally meaning a pledge or security; over time it came to denote the stake itself and the act of staking.

Scope and usage: Wagers occur in gambling, sports betting, and informal bets between individuals. Wagers may be monetary or non-monetary, such as services, favors, or obligations. In some contexts, "wager" and "bet" are largely interchangeable, while "wager" often has a more formal or archaic flavor.

Legal and economic aspects: Wagering contracts are subject to contract and gambling laws; many jurisdictions regulate or prohibit certain forms of wagering, especially online or cross-border. Operators may require licenses; players may be subject to age checks.

In economics and psychology, the expected value of a wager guides decision making; risk tolerance and misperceptions can influence outcomes.

Historical usage included the wager of battle, a method of resolving disputes in medieval law, now obsolete.