The anvil can be related to real life, It is a lottery, not a Casino.
A lottery is where you throw in some money and hope that the numbers that are drawn are you're numbers. If you buy every single combonation of tickets in the lottery, you win. If you put that same money into a casino, you aren't guaranteed to win, but w/ the lottery you will.
Some ppl buy 1 lottery ticket and win, some ppl buy 10 lottery tickets and lose. Anvil acts exactly the same way.
I just don't see any risks involved in the anvil, and never have. Did you know that I made the first piece of +7 shell on Ares (Long time ago, first few weeks of the server :P, wasnt even lvl 60 either)? Just a useless fact but it is true none-the-less. I didn't get lucky nor did I take any risks. I simply kept putting items on the anvil until it shit out what i was lookin for. And it always does.