Why would you ever play dice, if rolling 1 meant losing everything?
Lots of situations. If you had $0, obviously.
Probably if you had less than $833.33 (the expected value of the dice in my game), slightly more subtly.
Maybe even other scenarios, depending on how long you wanted to play for, if there was a time cost to playing, if you could play for as long as you wanted, what your utility/risk preferences were, etc.
The point is that there are appropriate tools for reasoning about such games correctly - utility, decision theory, etc. - and they beat minimax.