If you run 10 million bets on 1.01x, your average losing streak will be equal to 1 since it can't be equal to 0 by definition and it still can't be greater than 1 plus some small fraction since the chances of winning are pretty high.
Every thing is possible. I myself lost 3 times in a row while the odds was 1.01x
That's called an outlier
Well, 3 times in a row on 1.01x may not be what a real outlier would look like (since something like 10 and more would be one such) but if such things are happening more often on 1.01x than on 9900x (normalized to some metric to allow for valid comparison of the frequencies) or vice versa, that would make a dramatic difference. From what I read about other people's experiences and what I come to think myself, the higher the multiplier (payout), the more you are exposing yourself to the impact of outliers