I think the nature of the question is quite complex, because no body plays the dice game to lose, it is a separate matter that in the process people lose their money in such games. But the strategy was never made to lose rather the strategy was made to make profit.
I have personally played in magic-dice and lost a lot also. I earned something but lost all of them and my net loss is around 205 STEEM and against that I have got 0.12 million magic token. But I have seen people who with less risk strategy have earned good number of magic tokens by loosing less number of steem tokens. But that strategy was of less risk and not a strategy to lose steem while playing the dice game. The risk factors remains there but you can not play a game just to lose.
There are also other factor which matter a lot, during the early days 100 magic tokens were being given for every 1 steem wagered, so the strike rate was much better for those players who played early as compared to what it is now which is 25 magic tokens per steem wagered. So the timing is also important along with many other factors. But personally I will feel comfortable to lose 500 to 600 steem to earn 1 million tokens considering what average return we are getting on daily basis as dividends. Do not make any long term plan in such games and do not set something in the long run because you do not know how and when the dividend percentage will change and this sort of thing are good for short term only.