It is not the absolute risk itself that is important, but what is behind the risk. It also matters how real the risk is. I usually use the analogy that if you have to walk through a minefield and you do not know the safe path, your risk is close to 100 percent. That is, the risk of dying is almost 100%. If you know the safe path through the minefield, then your risk is small. You can only die if you deviate from the safe route or forget it. This analogy emphasizes the importance of knowledge. It is very important to have good knowledge before you take significant risks. If your knowledge is exceptional, then the risk is essentially irrelevant - you will succeed. In this type of gambling, knowledge is a good strategy.
I agree. Knowledge will somehow increase our chances of winning and maybe also lessen the risk that we are taking when it comes to gambling. It's our only weapon when it comes to gambling.
Experience comes after it. Those who have learned their lesson, either the tough or easy way, will be more careful with what they decide. We always have a choice of taking the high risk or the lower one, and sometimes the high risk can be more profitable if we know what we are doing, and that's by using the knowledge and experience that we received in the long run.