Placing a bet is a form of gambling in which a person risks money or something of value on an uncertain outcome. The term 'placed a bet' can be broken down into three words: gambled, staked, and WAGERED. Gambling is the act of risking money or something of value on an uncertain outcome with the hope of winning more money or something of value. Staking is the act of putting up money as a bet or wager. Wagering is the act of risking money or something of value on an uncertain outcome with the hope of winning more money or something of value.