A wager, commonly known as a bet, is an agreement between two or more parties where they predict the outcome of an event. Each party stakes something of value, often money, on their prediction. If the predicted outcome occurs, the winning party receives the stakes from the losing party. Wagers can be placed on various events, including sports, games, and other competitions. Wagers can vary in complexity, from simple bets on a single event to more intricate arrangements involving multiple outcomes. The practice of wagering is regulated in many places, with laws governing how and where bets can be placed, often involving organizations like gambling commissions or sports leagues.