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While it is important to know the basic terms associated with betting or gambling, what's more important is the strategy that's involved and deployed, above even what the terms mean.
This is interesting - why is strategy more important than anything else?
Understanding these terms allows you to make choices at certain points that you think are likely to win based on the odds - but more choices usually only increase the risk of losing. Strategy doesn't determine the result - but it can increase your probability of winning.