[semanticjudo]

yes, when the odds of winning are in my favor...

But I assume you know that so you must be asking, "Is there a situation where somebody can accurately understand the expected outcomes of any particular bet where the odds are against them winning and still come to the conclusion that taking the bet is rational?"

And one answer comes immediately to mind although I'm sure there are several: when I'm willing to lose for the entertainment value of having the chance to win and knowing that short term variance means I may in fact win.