Comment by unanswered

Here's a related yet totally different take: your comment demonstrates flawlessly the reason why sufficiently intelligent people must be weeded out of these experiments (or at least the results). And that in turn helps explain why we end up with people who bet tails.

(Note that the thrill of gambling is another explanation; I'm not claiming "those people are less intelligent, it's the only explanation" but rather "a bias against a certain kind of intelligence could lead to an increase in the observed outcome".)