1 - will you take that bet?
2 - if so, what % of your available funds would you put at stake (i.e. funds you're willing to gamble and afford to lose)?
I will definitely take this bet. A 17% chance of winning is already big enough for x12 profit. I bet on the lottery on a daily basis, and it is a way smaller chance of winning it. It is just a one-time deal, so I am willing to put in all available gambling funds that I have. Funds can be earned again, but this opportunity comes only once.
The same here. As much as I understand the appeal of lotteries and why people play them, but for me it's all about the odds (maybe with the exception of some charitable lotteries/raffles with funds going to a good cause).
I think gamblers bet on something because they are feeling lucky rather than having better odds. Of course, for a regular bettor, it will always be luck + good odds.