~ Such calculations are a common thing that many gamblers have made but unfortunately, the calculations will not always come true due to the luck factor. The prize money gamblers can win is very attractive and keeps gamblers coming back for more.
Those calculations are correct, and I would call them scientific ones in the sense that the more experiments conducted, the more obvious it becomes that it's a positive EV game. But the thing is that by the condition in the OP we can bet only once, and thus we have 83% chance of losing and we have no opportunity to recover the loss in the future taking advantage of the fact that it's an EV+ game. In such a case betting more than you can easily afford to lose is not a wise move.