Utility of money is nonlinear. Usually people point to its asymptotic sublinearity, but at smaller scales the value of money has all sorts of spikes when you hi

Utility of money is nonlinear. Usually people point to its asymptotic sublinearity, but at smaller scales the value of money has all sorts of spikes when you hit threshold values. The upshot of which is that even bets with negative expected value can have positive expected utility depending on where you are on the curve.