Hypothetical scenario:
You can bet on a single dye roll (choosing a number between 1-6), but if you win you get paid x12 of your stake (instead of x6).
So the Expected Value is positive (see example below), but you'd still have 83% chance of losing.
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)?
Again, this is a single, non-repetitive bet.
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Simulation for BTC1 bet:
EV = (83% x -BTC1) + (17% x BTC11) = +BTC1.04
Edit: calculation corrected, credit to Saint-loup
83% chance of losing that's a lot of unfavourable chance compared to the 17% chance of probability. Like no sane person would want to put in a good amount of cash for this as the chances of winning is far way too slim despite the what you have to profit in if you're lucky to win, but then,how do you know you would be lucky.
I think on a scale of 1-100 I'll put 10% of my money for such gamble for it's too risky to be tempted place a huge bet on it.