This is often repeated, but perhaps players understand all that very well. Perhaps it is the condescending observer[0] who says "lotteries are a tax on stupidi

This is often repeated, but perhaps players understand all that very well. Perhaps it is the condescending observer[0] who says "lotteries are a tax on stupidity" who does not understand the player's utility function. [0] (not OP specifically, but in general)