The utility of money is not linear across large ranges.
Do you not buy insurance?
I have insurance against catastrophic events, because incurring $100,000 in medical expenses is more than 100 times as bad as spending $1000 in premiums. I don't buy extended warranties.
Do you buy lots of Powerball tickets when the jackpot gets large enough to make the average return exceed their cost?
No, because winning $100 million isn't 100 times as good as winning $1 million.
Do you not buy insurance?
I have insurance against catastrophic events, because incurring $100,000 in medical expenses is more than 100 times as bad as spending $1000 in premiums. I don't buy extended warranties.
Do you buy lots of Powerball tickets when the jackpot gets large enough to make the average return exceed their cost?
No, because winning $100 million isn't 100 times as good as winning $1 million.