It's a tempting thought. But I think it's hard to make the math work that way.

I have a lovely laptop here that I am going to give you. Suppose you assign some utility U to it. Now instead of giving you the laptop, I give you a lottery ticket or the like. With probability P I give you the laptop, and with probability 1 - P you get nothing. (The lottery drawing will happen immediately, so there's no time-preference aspect here.) What utility do you attach to the lottery ticket? The natural answer is P * U, and if you accept some reasonable assumptions about preferences, you are in fact forced to that answer. (This is the basic intuition behind the von Neumann-Morgenstern Expected Utility Theorem.)

Given that probabilities are real numbers, it's hard to avoid utilities being real numbers too.