Sound like unfair, I guess you can get more 0.01btc by use 1 btc for bet on some matches than put in one match only for get extra 0.01btc.
for example: you made 10 bets with amount 0.1btc in every bet at 1.1x odds, I guess you will get more than 0.01btc by do this.
it's pretty bad for a bonus. and No that wouldn't work, check the link:
https://www.cloudbet.com/en/first_deposit_bonusBasically you would get 100 loyalty points if you do a sum of 1 BTC at 1.1 odds, you will get 1000 LP for a BTC at x2 odds [and the max is x2 so even if you make a large parlay it's just x2 max]