Statistically, the smartest person in a cohort of five million has an IQ of roughly 180. Above-average 45 year olds are not competing with 20 year olds with IQ's of 180. They may cooperate, but they tend to work in different problem spaces, much like how a streetball player isn't in direct competition with LeBron James even though they're both basketball players.
IQ as commonly indicated includes an age adjustment, so in this case their IQs would be similar before adjustment. They would be cooperating with each other usually, not competing.
The smartest and wisest in a cohort of several million could easily be on par with a moderately above average 45 year old.
Sure it’s unusual for folks to bet on a moderately average 45 year old, but not that unusual. I would say that it’s mostly earned.
Of course there are those, not as capable, taking loans from rich relatives, but I doubt they make up the majority of cases.