Mark Carroll's Journal

If you are the sort of person who thinks about the utility of different amounts of money you'll almost certainly notice that it decreases with the amount you have, so the £ you'd need for the ticket has higher utility than any of the £s you'd win, so it's an even worse deal than the odds make it appear. Hence such people don't typically play them at all, and hence which prizes they'd think are the least worst deals doesn't really matter.