If human behaviour is fully determined by the laws of the universe, then you have no choice in whether you assign moral blame or not so it doesn't make sense to discuss whether we should or shouldn't do that.
I think you're right that your pennies become more valuable the less you have. Suppose you start with m money and your utility function is U:money→utility. Assuming the original lottery was not worth playing, then xy+(U(m−1)−U(m))(1−y)<0, which rearranges to U(m)−U(m−1)>xy1−y. This can be though of as saying the average slope of the utility function from m−1 to m is greater than some constant xy1−y.
For the second lottery, each ticket you buy means you have less money. Then the utilit... (read more)