With "very low chance at a high payout" bets you have to be very careful at various institutional and counterparty risks, as they often are correlated with thos

With "very low chance at a high payout" bets you have to be very careful at various institutional and counterparty risks, as they often are correlated with those "very low chance" events. You may be left holding a winning lottery ticket that lottery organizer can't or won't cover.