WAV is audio with nothing taken away: every sample intact, every megabyte accounted for. It was born in 1991, Microsoft and IBM, and its real weak spot is being carried around: it refuses to shrink.
OGG is the free spirit of audio: open, patent-free, and quietly brilliant at looping game sound. A container usually carrying Vorbis or Opus audio, both open and royalty-free. That makes it the right destination when what you need is games and open projects that want seamless loops and zero licensing strings.