Whats the rational reason people buy lottery tickets, participate in sports betting, or any other EV<0 activities? Their irrationally is SMEs' edge.

They do it because they get a dopamine hit from doing it, have superstitious beliefs, or have delusions that they can predict events they have no information on.

Interested if you believe insider trading of stocks should be legal - aren't insiders just providing the market with more information about that stock?