Difference in meaning between 'wager' and 'bet?

[Margon]

English Language Tests, Intermediate level

ESL/EFL Test #582 "English Slang Idioms (324)", question 6

"Would you like to go to the amusement park on Saturday, Tommy?" his dad asked him. Tommy replied, "You .........! I would love to go! That will be so much fun!"

(a) wager
(b) gamble
(c) bet
(d) barter

English Language Tests, Intermediate level

ESL/EFL Test #582 "English Slang Idioms (324)", answer 6

"Would you like to go to the amusement park on Saturday, Tommy?" his dad asked him. Tommy replied, "You bet! I would love to go! That will be so much fun!"

Correct answer: (c) bet
_________________________

Aside from this example, is there any difference in meaning between 'wager' and 'bet? Are there otehr examples where one but not the other can be used appropriately?

Margon

[Mister Micawber]

.
The meanings are the same. I don't know offhand, but there are likely more collocations for one or the other. 'Wager' is more formal.
.
_________________
Native English teacher at Mister Micawber's

[Dan White]

Then why is the 'Wire Act' titled “Sporting Events- Transmission of Bets, Wagers, and Related Information” ?
Does this suggest that they DO have some different meaning?
Or they just included both words in the title so that no-one will read the title and assume that the bill is not related to the omitted word?...

[Mister Micawber]

Yes, it is a legal thing: overkill.
_________________
Native English teacher at Mister Micawber's