This is not about luck or strategy but about how much money you can spend in taking part in the bet because in one round it is $50 and just imagine how many rounds it takes to have chance to get close to the jackpot.
If it is just about luck and strategy then I agree with you that there will be no strategy that will guarantee victory and if betting is only based on luck then there is no need to push your ability by risking money that is unacceptable to lose.
It just that in this context, I sure those who bet there are rich people with lots of money and of course they can follow suit because even though they spend large amounts of money, the jackpot they get is also very large.
But from your presentation there is an interesting important point regarding the budget that can be received when you lose.
That is wise thinking and of course applying it can help us avoid situation where trying to recover from losses, we know that gambling is full of losses and to force our abilities will only increase these losses.