This is normal in most places of the world where people would have an informal understanding and agreement of betting with some conditions attached to it. Although it is not always strictly adhered to, it's always fun, to say the least, as it helps spice up the fun better than playing games ordinarily.

My wife and I engage in this kind of betting often but she hardly gives me my wins because I win her most. If we started, with the gist and other extras, we might be on it for hours without noticing the time has been far spent, which has already served the purpose. But in some settings, they could be strict about the agreement.