It depends on the woman of course. I am a lifestyle cuckold fetishist. My wife has cuckolded me since before we were married over a dozen years ago. Although quite traditional, buttoned-down, and vanilla in other ways, she latched onto cuckolding with alacrity from the first as the place where my BDSM kinks overlapped with her own desires.
Having been in committed relationships before, she was reluctant to tie herself to the idea of sex with just one man for the rest of her life (commitment phobia is not just a guy thing.) Cuckolding also freed her from the conflict she felt as a modern woman over the medieval baggage of marriage and wifehood wherein she was expected to submerge herself into a male-led team. Finally, she just loved the naughty fun of feeling like she was doing something illicit. She loved (and loves) sneaking around and feeling like she is pulling the wool over the eyes of coworkers and friends. She has all the taboo thrill of cheating, without the risk.
(Or most of the risk, anyway. The biggest things that hold her back at times or lead her to cool it some are health concerns (of course) and the desire not to be embarrassed publicly. Family and most friends don't know and my wife is not anxious to imagine what they would think of her if they did, so we keep it discreet.)
On the other hand, I have known women who would have been made miserable by it. (A few of her friends who know are still uncomfortable.) Remember that many women (and men, I think) prize security and intimacy over sexual adventure. Rather than feeling a little thrill, they will feel uncomfortable and insecure in a cuckolding situation. They will doubt whether their kinkster partner can handle their fantasies in real life. They will worry that in some part of him (or themselves) it will change how they feel and ruin everything. They may feel like they are being used as a puppet in his psychodrama, rather than being valued and loved. They will suspect it is all an excuse to make them be the bad guy - or they will feel for reasons of morals, temper, or religious conviction that they are doing wrong. They might feel they are aiding and abetting, even exploiting, a weakness in the person they love and that will make them feel bad about themselves. Etc., etc.
On the other hand, my wife loves that she can get the alpha male dominance that turns her on from lovers, but not have to put up with it in her daily life when she prefers a more modern, sensitive, reasonable relationship.
As I said, it all depends on the woman.
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