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.
There are two kind of risks he mean there. One is the cost of the lottery ticket. Lottery tickets might be cheap but some can still buy in greater quantities in order for their chance to win will increase and they can do this every single day. For those who play on sports betting and casino games. Maybe they can only play rarely. In this comparison, lotteries may seem to be more risky.
The second risk he mean is about legality, in which lotteries are more embraced by the governments. This is true but there are also sports betting and casino games which are fully licensed and are permitted by the government whilst there are some illegal lotteries too.