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I'm assuming you're specifically referring to the Expected Utility Theory? The dominoe theory is more appropriate. One small change of outcome causes another, and so it progreses in a linear sequence.

I think that any undeterminable outcome with a random probability is marginal at best; but that's why we love it, no?

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you clearly dont get it.

if you look at people's propensity to gamble with respect to both total wealth and expectation, you'll find that people are risk loving when it comes to losses but risk averse with respect to gains. Further, when people have less money and the payoff for risking the last amount of money (for average people) is decent, they will take worse odds than when that money is abundant (for average people)

these utility curves change for gamblers who are risk loving in general. Risk aversion is around 3 for average people.

Barron