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 event can be anything from a sports game to a political election. The party that correctly predicts the outcome wins the wagered amount, while the other party loses their stake. Bets can take many forms, including sports betting, casinos, and online gambling. They are often regulated by laws to ensure fairness and prevent fraud. People place bets for various reasons, including entertainment, excitement, or the potential to win money.