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bet  (bets plural & 3rd person present) (betting present participle )
The form bet is used in the present tense and is the past tense and past participle.  
1  verb If you bet on the result of a horse race, football game, or other event, you give someone a sum of money which they give you back with extra money if the result is what you predicted, or which they keep if it is not. 
Jockeys are forbidden to bet on the outcome of races...  V on n 
 betting  n-uncount 
...his thousand-pound fine for illegal betting.  
2  n-count A bet is a sum of money which you give to someone when you bet. 
You can put a bet on almost anything these days.  
3  verb If someone is betting that something will happen, they are hoping or expecting that it will happen.  (JOURNALISM) 
The party is betting that the presidential race will turn into a battle for younger voters...  V that 
4 
  betting 
5 You use expressions such as `I bet', `I'll bet', and `you can bet' to indicate that you are sure something is true. 
INFORMAL 
I bet/I'll bet/you can bet  phrase 
I bet you were good at games when you were at school...  
6 If you tell someone that something is a good bet, you are suggesting that it is the thing or course of action that they should choose. 
INFORMAL 
a good bet  phrase 
Your best bet is to choose a guest house.  
7 If you say that it is a good bet or a safe bet that something is true or will happen, you are saying that it is extremely likely to be true or to happen. 
INFORMAL 
a good bet/a safe bet  phrase 
It is a safe bet that the current owners will not sell.  
8 If you hedge your bets, you follow two courses of action to avoid making a decision between two things because you cannot decide which one is right. 
hedge your bets  phrase  (=play safe) 
NASA is hedging its bets and adopting both strategies.  
9 You use I bet or I'll bet in reply to a statement to show that you agree with it or that you expected it to be true, usually when you are annoyed or amused by it. 
INFORMAL, SPOKEN 
I bet/I'll bet  phrase 
 (feelings)  
`I'd like to ask you something,' I said. `I bet you would,' she grinned.  
10 You can use my bet is or it's my bet to give your personal opinion about something, when you are fairly sure that you are right. 
INFORMAL 
my bet is/it's my bet that  phrase 
My bet is that next year will be different...  
11 If you say don't bet on something or I wouldn't bet on something, you mean that you do not think that something is true or will happen. 
INFORMAL, SPOKEN 
don't bet on sth/I wouldn't bet on sth  phrase 
`We'll never get a table in there'<emdash>`Don't bet on it.'  
12 If you reply `Do you want to bet?' or `Want a bet?' to someone, you mean you are certain that what they have said is wrong. 
INFORMAL, SPOKEN 
do you want to bet?/want a bet?  convention 
`Money can't buy happiness'<emdash>`Want to bet?'  
13 You use `You bet' or `you bet your life' to say yes in an emphatic way or to emphasize a reply or statement. 
INFORMAL, SPOKEN 
you bet  phrase 
 (emphasis)  
`It's settled, then?'<emdash>`You bet.'...