And really, it's protection for the site from money laundering and stuff like bonus whoring if anything cos most crypto gambling sites don't really collect any identification.
If they really wanted to prevent money laundering, they could at least make that betting part accumulative or sort that some other way and not force people to bet more than they are willing to. Forcing people to bet 50% of the deposit on a single bet feels like a trap. Sure, they covered themselves with Tos, but it's a bad practice nevertheless.
As @tyKiwanuka said, OP can go around that by finding some 1.01 game, but even with those odds things can go wrong (happened to me quite a few times).