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At least they know that there must be two possibilities behind the risk, namely success or failure. If they succeed, that is a good result for them, but if they fail, they need to think of other ways that might succeed. But most casino sites that promote on this forum have managed to get a lot of new members but they also use other promotional media such as social media. So the results they get can be greater.
Whatever the promotion method, the casino will definitely use it in order to expand its network of users. No matter the expensive costs, if in the end the income is greater than the expenditure for promotion. In this case, many on social media have promoted by hiring influencers and this activity is the most effective way to attract followers to enter the casino.
The tendency in many business is as you have described. It only pays if you reach a very large critical mass and you still need to get growing because at any moment competition may ramp-up their investment and catch up with your clients. They key here is to make this viral in so much as possible, that is, to use your clients to get new people joining - that allows cheap exponential growth.