Abstract: A puzzle-based game system and method, having at least one risk element (e.g., wagering), is provided, enabling players to compete in a puzzle-based game of skill utilizing a system of risk-element-based rules, that are applied in a predetermined manner to: first partition a set of puzzles into a predefined plurality of puzzle elements, thereafter “dealing” the puzzle elements sequentially in a “round by round” sequence, and enabling, during at least a portion of the total game rounds, each player to selectively take one or more predefined risk-based actions (e,g., wagering), during a predefined time in each “risk” (e.g. wagering) round.