There are still quite a lot of people who bet small amounts in the hope that a lot of money will be won. Especially with bets of 1 EUR, for example, and then with odds of 1000. In theory, that could still work if you take a multi bet with matches that are all around 2.0. You see it in the news sometimes. I thought that someone at Duelbits once won a very large amount in a casino, but that can't be linked to betting on sports of course.
I am one of those people, I wager a very small amount, and usually wager for a big win, but depends on the game. I mean if it is a game like dice then yeah I do gamble to win big because what I am going to win or not is determined beforehand. But, if I am wagering something like slots, or roulette then what I am going to get is not really known, because in roulette I wager on both color, and number, which means that I could get anything there. And in slot you get to "win" many different results, even lose but not all.
So, it's never really known in those, but I always wager small, because I am one of those people who think it's not about money, it's about having fun, and that means even if I bet small amount, I should be fine.