So I open the account in my name, but sell them to the rights to the proceeds from the transaction -- no laws violated, and it's not real lottery. So I can't violate the numbers racket, am in compliance with securities law, and can make a contractual agreement with purchases of my lotto tickets to get a portion of their income, but also promise them better odds than the lotto. The only trick would be taxation. Maybe not do it in my name so much as a Lotto-Option LLC.
I understand what expectation is. I also understand what a bid/ask spread is. Even if the mid-point price of an option is priced so that it's expected return is exactly 0, when an OTM option has a bid/ask of 0.20/0.25 and you buy at 0.25 your expectation is negative.