Even with odds of 1.03, you can still lose a bet so I have never really fancied taking a team that is being favored by the bookmaker as your game; sometimes it works but most of the times you'd end up losing your money to the bookmaker.
Yeah, the problem with small odds is that you don't get enough wins to cover for a loss. At 1.03 odds, you need to win 33 bets to make up for a lost bet. I can't imagine someone winning 33 bets even at 1.01, forget 1.03. It's much better to usually bet on 1.50x or higher odds if you bet a lot. For someone who makes 2 bets a month, it may be fine to bet on low odds like 1.25 but if you make many bets, it will eat all your balance.
If games odds were really all reliable, do you think anyone would be losing their bet? The answer is NO. Even a novice who hasn't place a bet in his life would simply just make deposit and select the team that is being favored by the bookie and bet on them and win their bet
Any event where the bookie offers odds on, there is a chance of that not happening, otherwise the odds would not be there. Low odds just suggest that the chances of it happening are high but not impossible. If two players play against each other often, and one is better than the other, they will have low odds to win but doesn't mean they have a 50-0 H2H record after playing 50 times.