[Algemarin]

This scam is successful because it is predicated on the same appeal that ventures like lotteries, sweepstakes, slot machines, or giveaways have (albeit accentuated with a seemingly guaranteed win, that these other ventures don't have): the belief that you can just luck into a giant treasure chest of money by expanding minimal effort.

Broadly, this is a modern version of what's known as an advance-fee fraud, which has been around for hundreds of years - paying a small amount upfront (hence the 'advance fee') under pretense of receiving a much larger amount later.

[nradov]

The difference is that while lotteries and casinos are out to take your money they're at least honest about it. If you win they'll pay out in real money. They're not rug pull scams.

[shombaboor]

they're heavily regulated which is a good thing. the odds are completely transparent.

[Algemarin]

The dishonesty lies in obfuscating the actual odds of winning, making the honesty about the payout a moot point as it's not particularly applicable for most entrants.