I think the odd is intentionally high here in order to scare some bettors at 1.49 because it is a sure win
Take note that the odds aren't determined by the house. Freebitco is using
Parimutuel betting system and the odds are determined by the users.
In freebtico, all the money that has been bet on an event by all the users goes to a pool. 5% of that goes to the house and the 95% is shared between the winners.
The odds depends on the total money that has been put on the event, the money that has been put on each of outcomes and the time weight multiplier.