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gamble When someone gambles, they bet money, or something instead of money, on something that might happen. For example, they bet that a certain horse will win a race or that some team will win a game. If their horse wins or their team wins, they will get back more money than they bet. They will get this money from other people who bet but lost. When people gamble, they risk losing their money or the other valuable thing that they bet. [3 definitions]