I see sports betting as just entertainment. When I analyze the game, make decisions, and bet based on my analysis, I watch the game and get it right. I celebrate because that win was thanks to my analysis. That's the fun part for me. Now, if I were to watch the game, close my eyes, and bet on any team just counting on luck, I don't see the fun in that. But I've seen many people always betting on underdogs. Recently, there was a case on TV where a rich person bet on Chelsea to win the Club World Cup final. The odds were @5.00, and he won.
So I guess there could be different levels of this kind of what the OP called lottery ticket mentality? Because as far as I know, it could be really huge returns for bettors like x1000 or higher. But as you have said, @5.00 you might think that it might fall on this category?
But I will also say that I'm guilty of this kind of thinking, and who wouldn't? I mean when we bet on the underdogs or play slots for example, we think of hitting huge multipliers are we have see and it has been posted on some casino's X account that someone won big on them. Or when we have like multiplier contest that won by x1000 or even higher so that could be called a long shot or that lottery ticket thoughts.