A lot of people habitually make bets out of addiction without thinking carefully about the expected payoff.

One reason could be to correct uncalibrated markets. This only works if your intuition is better than the market's current intuition. If a big whale with a big idea makes a big splash, you can profit off of the instability by gently betting against them. This doesn't require you to have any particular knowledge.

Slot machines are popular for a reason. Most folks playing them don’t know or care about the odds.