Reason 1: Perception of risk
One of the main reasons is the perception of risk. Certain forms of gambling, such as sports betting and casino games, are perceived as high-risk activities that can lead to significant financial losses. On the other hand, lotteries are seen as a relatively low-risk option, perhaps due to the low ticket price and their legality at the government level.
Something is not right from the start. Why are sports betting and casino games even more high risk than lotteries when you don't even have 1% chance of winning on lotteries?
It must be a chance of winning that is to be explained than the price of the ticket when we talk about risk. But it could be because government represents lotteries giving back money to foundations. I think the attitude toward gambling products varies for each person, I think when you grow up in a suburb seeing your father work from 9-5, you would not waste a dime even on a lottery.
^ That is a good question but from what I have understood.
When discussing risk in gambling, it is important to consider both the probability of winning and the potential financial losses. While the chances of winning a lottery jackpot are indeed extremely low, often less than 1%, the allure of lotteries lies in the possibility of a life-changing win. People are drawn to the dream of hitting the jackpot, even if the odds are stacked against them. This perception of a slim chance at a substantial reward can make lotteries seem less risky to some people and while sports betting and casino games typically involve more immediate and frequent outcomes.