Personally, I won about $2,000 in a local soccer match, that was several years ago.
Don't you think it's the same false belief that people have in their cryptocurrency gains? They go in, have a gain of 200%, and then a bear market starts and they have a loss of 300%, but they're still holding on to their coins at a loss believing that times will change and they will eventually get even. A year goes by, market changes, they get even and sell at once with a very small gain being happy that they got something out of it and again regret it later when the market forms a new high.
Psyche is a bitch.