That seems contrary to the criterion... Expected value dismisses risk and the fact that once someone loses their money, it is much harder to gain it back.

If you have 100 dollars..and you lose 50% of it on a fair coin bet, you now have $50.

Say you play again..You win. Youll only have $75 ($50 times 150%.)

Thats the basis of risk analysis. That losing and winning arent equal for finite bankrolls just because their probabilities are equal.