> The added monetary payout creates an incentive to play even more to cover for the losses. In video games, when you make an in-game purchase for instance, the money is gone, so if you do that instead of paying the bills, you know you won't be able to pay the bills, this is usually enough to limit the spending.

I think this point is missing the evolution of virtual clout. As a thirty year old I can agree with your point that these rewards are valueless - but I can also see the younger generation that measures social value through virtual presence where skins and appearance can be vital to self esteem. I don't think it's correct to downplay the value that some people see in the reward of these loot boxes and other chance games.

If you align your identity with your virtual presence then failing to keep up appearances can be extremely dire - that's incredibly unhealthy, but it's the way a fair number of folks operate.