It's almost as if that the article is describing Sam as a casino owner and using the image for that. So let's use that analogy.

Would you want to make a deal with the casino owner to trade your startup's equity over worthless poker chips?

Sounds like you're gambling for worse odds with the house taking a piece of your startup for nothing. What happens when you run out of poker chips? Gamble more of your equity?

No thanks and no deal.