A reward for defeating an opponent in many games with RPG elements (cRPG, action-RPG, MMORPG). Loot is usually random and may contain a small amount of virtual money, items (e.g. weapons, armor, first aid kits) and raw materials.
An example of the loot for killing one of the bosses in Diablo III.
In MMORPGs, « looting », or fighting PvE to acquire valuable items, often takes mass scale as the easiest and fastest way to « get rich » for players. Due to the competition for the most valuable prizes, the distribution of « loot » for defeated opponents usually depends on the contribution of individual team members.