This type of reasoning will lead to ruin.
If all the information I have (since I don't watch basketball, or let's just say in this hypothetical, have never watched or heard of Lebron James) is that he just did it twice in a row, I'd say that, at least from my perspective, I'd think it's MORE likely to be able to do it a third time. That's because he's shown the ability to do it twice. Had I seen him try 200 times and only make 80 or 90, then I'd take the bet, because the sample demonstrates that he has less than 50% odds.
Plus, you should probably never "bet the house" even if you have great odds. If you have a coin flip, that someone was willing to pay you 3 for 1 on, would you take that bet for 100 dollars? I would. But would I bet my car on it? (since I don't own a house) NO! Because if I lost, I wouldn't have a car to drive.
The point in all this is that first of all, you absolutely are not playing at an advantage on most lottery play. I've actually only found the oppurtunity to play the lottery two times at a mathemetical advantage, during promotions, but did not win either of those days. Either way - it is important for an advantage player to scale his bets according to what the advantage and variance of a bet are. That is how advantagous is it, how risky is it, and how much am I willing to lose on the project if I'm unlucky.
I do have a feeling, though, that this will all go over your head, so now I feel like I just wasted my time.