Yes for the contest Deposit race is not enough to make a deposit 1-2 times I even made a deposit 7 times before reaching the target
Enough or not is based on our luck and based on our own limit. The more deposit we made, the higher target we need to achieve in order to recover the previous deposits. I have a limit myself of 4x deposit at max and if I'm unlucky for the 4th deposit then I will stop as I believe if I force myself to recover and gain profit then it will make me lose more.
If you have more money, you can play both at the same time ~XD.
Trying to participate both contests at the same time is the best option to do, of course it needs a huge luck in order to success but at least it is a good strategy to minimize loses and maximize the chance to win at least one of the contests with single deposit.