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Chance ElementPlay
'Wager' implies there's an element of chance involved, not skill alone. SlideHe placed a wager on the lottery, knowing it was all down to luck.
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Not BusinessPlay
'Wager' is usually not used in formal business; it's more common in casual gambling contexts. SlideThey joked about making a wager on the business deal, but shook hands instead.
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Casual AgreementsPlay
'Wager' can mean casual bets among friends, not just formal gambling. SlideWe made a friendly wager on whether it would rain tomorrow.