What are the details of a bet?

A bet typically involves an agreement between two or more parties where one party wagers something of value, such as money, on the outcome of an event. The terms of the bet specify the conditions, the stakes, and the potential payout. Bets can be made on various events, including sports, games, or personal challenges, and are often governed by specific rules or odds. If the predicted outcome occurs, the winning party receives the agreed-upon stake or payout; otherwise, they lose their wager.