Social critics and some politicians argue that the desire for legalized gambling is a sign of the fraying of a country's social fabric. These people say that, in healthy societies, people believe that hard work and perseverance will make their fortunes. In sick societies, people have to rely on luck. Social commentary aside, gambling is useful issue for risk analysis because it is the purest practical application available. Stripped of politics, special interests and other baggage, gambling is risk assessment at its core.
Economic studies have a hard time quantifying why and how people gamble.
I don't think it's an intellectual process. I think it's very emotional. They think, well, for a million, it's not worth a dollar. When people behave irrationally, opportunities exist for others to profit. That's why casino gambling became a Wall Street darling in the 1980s.