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Most bettors know that long-run positive returns are unattainable in uncertain gaming contexts. If, as most marketing scholars assume, consumers strive for net positive returns from market transactions, then the total value of people's wagers cannot be expressed by probabilities and values of outcomes alone. We posit that imagined outcomes, prompted by anticipated emotions, entail the completive value ignored by traditional expected utility calculations. To probe this possibility, we develop and test a precursory dual-process model that relates cognitive factors-luck-oriented locus of control and personal expertise-and emotive factors-anticipated regret and anticipated elation-to willingness to incur uncertainty. Our empirical results support this model, and thus a dual-process theory, in a horse race betting context.
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