A wager is a bet or agreement between two or more parties where they risk something of value, usually money, on the outcome of an event. The terms of the wager specify what is at stake and the conditions that determine the winner. Wagers are commonly associated with activities like sports, games, and gambling. In many cultures, wagers can take various forms, from informal bets among friends to formalized gambling in casinos. The legality and regulation of wagers vary by location, with some areas having strict laws governing gambling activities while others allow more freedom in placing bets.