We present two experiments that explore the reinforcing value of lottery tickets. Participants are faced with a repeated choice task between a safe alternative and a risky prospect that provides a chance to win a lottery ticket to be played at the end of the study. Study 1 considers situations in which the risky option leads to a slightly higher expected value than the safe alternative. It shows that the risk‐taking rate increases with the probability to win the lottery ticket, but it is below 50% even when this probability is high. Study 2 shows limited sensitivity to the expected value of the risky prospect. The results can be explained with the assumption that participants rely on small samples of past experiences, and that their reaction to lottery tickets reflects large variability. The relationship between the current results and previous research on the synergetic effect of distinct reinforcements and the “pat on the back paradox” is discussed. Copyright © 2016 John Wiley & Sons, Ltd.