Except, if you get a big win, you can't offset that win against gains, and in fact have to pay tax on that win. Also, a big discount is only a big discount if i

Except, if you get a big win, you can't offset that win against gains, and in fact have to pay tax on that win. Also, a big discount is only a big discount if it differs from the norm: infact anyone is allowed to offset their losses. Yes, maybe only billionaires have the capital to make this bet less volatile, but such is as with all things: It's generally easier to turn larger amounts of money into more money as high-capital-requirement opportunities become available to you (not just relating to this), they have still have to have large amounts of capital, and put it at risk i.e more to lose.