Usually in a tournament chips won are worth less than chips lost. Lets say we are playing a 10$ tournament, it has just started, and everyone have the starting stack. If we get it in against another player and win, now we have twice as many chips, but our
expected value (EV) has only gone up to 19$. So if we lose the "flip", we lose 10$, but if we win, we only win 9$ in EV. And therefore we need more than 50%
equity to have a profitable gamble.
Now however lets say, we know, there is going to be a 50% overlay in the tournament. We still paid 10$ to enter, but because of the overlay our chips are actually worth 15$. If we get it in and win, our chips are worth 28,5$, so we win 13,5$. If we lose, we can reenter, and therefore we dont lose 15$ but only the 10$, which it cost to reenter. And therefore we now need less than 50% equity to have a profitable gamble.
This is of course a simplified calculation, because it does not take rake into account, and in real time we dont know, how large the overlay will be, or if there will even be one. But whenever we expect, that an overlay will very likely happen, and its more than just a few percent, the correct adjustment is to be more risk seeking, as long as we can reenter.