It's not always easy to make the right decisions. Are you a gambler? If you're offered 1 btc without playing or 5 btc by playing (with a chance of 2 to 1). What do you do?
Every gambler who won big took a higher risk in most cases. Such people are high-risk takers who don't care about the negative consequences of their actions because they want to win the highest stake. I am not a high-risk gambler this I why I always cash out even when the sum is very little. In gambling, there is no guarantee that you will win, why risk it when you have an option? I will gladly accept the one Bitcoin and forget about gambling to win five Bitcoins. I will never forgive myself if I lose the opportunity to own one Bitcoin because I wanted to get 5 coins which is not certain. Hey OP, where is the location of this game, I would like to be a part of it 
. One particular aspect to be considered is also the fact that it's not EV the only parameter.
Take this, for example: you pay 0.01 BTC to enter a lottery, and you get 0 with 50% probability, or 0.02 BTC with 50% probability?
The game is fair, would you enter? maybe yes, if you are risk-neutral.
Would you enter a lottery where you pay 1 BTC to enter to get 0 with 50% probability or 2 BTC with 50% probability?
It is the same exact chance of winning, but the payoff is greater. Maybe the risk of losing is shifting your risk aversion, so you want a hedge to the upside in your bet: you might want to enter a lottery where you pay 1 BTC to get 0 with 50% probability or 2.1 BTC with 50% probability.
This is only a simple model to make you understand how difficult is to estimate risk aversion.