I think people understand the odds are small. However, perhaps they perceive their chances of meaningfully turn around their life in other ways have even smaller odds. i.e. improbable vs actually impossible. At least the lottery doesn't care about your current circumstance and everyone has an equal (equally small) chance. Secondly, because everyone realizes the chances are small, the real product being sold is Hope.…
I’m at the point where I take it as a red flag when someone doesn’t understand this, and instead bangs on about “low odds” and “the idiots that think that they’ll win”. A combination of superficial booksmarts, a misplaced sense of elitism, and a very real lack of emotional intelligence, that I know that I don’t enjoy being around. There’s definitely a low end on this bell curve, but I think that your average Joe Blow…
But actually... there really are, IMO, better ways to "buy hope", or for that matter positive feelings, many of which actually have positive EV (even if not financially), and it is in my opinion a systemic flaw that we use well-known exploits in human psychology to take money from, statistically, the people who have the least.