gamble, wager, bet

All three of these words may be used as verbs or nouns. Gamble is a general term meaning "to play at any game of chance for stakes." Perhaps because it suggests risking something that should not be afforded, gamble has an unfavorable connotation: "The workman gambled away his week's wages." Wager means "to risk something on an uncertain event" and is closely allied in meaning to gamble. It has a somewhat less unfavorable connotation than gamble, perhaps because it conveys the idea of venture: "The foreman wagered that production for the day would exceed 1,000 barrels." Bet, the most commonly used of these three words, literally means a pledge that is to be forfeited if one's prediction, or forecast, about a future event is incorrect: "I placed a bet that Pounditout would win the fifth race."