A "bet" is an agreement between two or more parties where one party wagers something of value, usually money, on the outcome of an event. This can involve various activities, such as sports games, card games, or other competitions. The party that wins the bet receives the wagered amount, while the losing party forfeits their stake. Bets can be placed in different forms, including sports betting, casinos, and online gambling. The odds of a bet determine the potential payout and reflect the likelihood of a particular outcome occurring. Understanding these odds is essential for making informed betting decisions.