The character Zer0 in Borderlands 2 at some point is asked why that numeral appears above his head, to which he responds that it represented the extent of challenge the foes he has cut down have posed. An assassin by trade, Zer0 is simply in search of someone who is his equal. Any deaths he causes in that search are merely boring collateral.
I get a similar vibe from the Riddler. He's obsessed with his own ego, and will only commit lesser crimes to gain the attention of a truly worthwhile foe. I don't think killing random people particularly serves his interests; it's too easy. He'll put them in harm's way only insomuch as their peril needs to be real if, say, Batman is going to be lured in to rescue them. Death is the penalty for being outsmarted, outwitted, outdone by the Riddler. Simply killing someone proves nothing; they need to have a way out so that when they fail and die he can laugh and say he knew he was the better man.
I think to a large extent whatever sanity remains for Mr. Nigma is dependent on that illusion of superiority. When someone seems to be prevailing against his riddles/traps, cheating is necessary because winning is necessary. And to that end, he could never acknowledge that he has cheated, because that would disqualify the victory he depends on. You mentioned fairness "in his own mind" and that is precisely the point. We see how clearly he's cheating, but it's as if he had a cheating alter ego about which he's oblivious. The cheating is therefore intrinsic to the character, preserving his sense of superiority insomuch as he can never face the reality of his defeat. If he only cheats against Batman, it's merely because he really is smarter than most other people, and Batman's the only one who endangers his assured victory.
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