The casino analogy only works with negative sum games, the more low value games you play the closer your results will be to the «odds» of the game. (money.stackexchange.com)
And gambling, that's a great point, in a negative sum game why doesn't loss aversion over power the thrill of the win? (mindfullyinvesting.com)
They don't have an expected rate of return — in fact, after expenses options are a negative sum game. (canadiancapitalist.com)