I think you would get a lot more people debating it if the odds of winning were significantly better than the odds of death. Sure the odds of either in your scenario are almost zero but the idea that I’m just as likely to get death as win makes it not sound like much fun.
Better would be a regular billion dollar lottery except the winner has to spin a wheel with 1-1000 on it. 999 of those slots = safe, but one is instant death.