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)?
Life in itself is a risk, and one thing I have notice about gambling is that the higher the risk the greater the odds or payout, which is why since this offers a pay of x12 of my stake, I will kindly take the bet and place an amount I can afford to lose, which is not quite huge, but reasonable enough (i.e $20), so that if the result doesn't come as planned, I will still be okay, and if unfortunately I happen to be lucky and win, I gets happy, because life itself is a risk, and as such it's never a crime to keep trying.