EV isn't everything; you also have to consider risk. If you put too much of your bankroll on the line, making even repeated high +EV bets will eventually lead

EV isn't everything; you also have to consider risk. If you put too much of your bankroll on the line, making even repeated high +EV bets will eventually lead to ruin with probability approaching 1. There's another element at play here due to your finite bankroll; that element is usually called "risk." Even though it's -EV, insurance can have a real benefit to the buyer through removing their exposure to otherwise ruinous risk.