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Making a bet with odds of 1.01 maybe for those who have big money it can still be done because at least it can give a little bigger return but for small-scale bets it doesn't mean anything, for example when we bet at that odds with $100 then the winnings we will get are only $1 and that for me is not really worth it.
Even though it can get an instant profit but something like this is definitely not gambling and it doesn't fit into my version of gambling so I prefer to avoid this because not only do I not like this scheme, I also realize that I'm gambling with small money so there won't be any fun even if I win with odds of 1.01.
The question is whether the odd 1.01 is worth the risk which is irrespective of the bet amount because the rewards will be based on the bet amount, if it's 100 dollar bet we will get 1 dollar more, the same goes for 1000 bet which will give us 10, so in my opinion it's too big a risk for merely nothing so it's better to take high risky bets with low bet amount than these and in those games even one win can give a decent chunk.
I wouldn't bother to bet on such odd because the profits does not worth it, maybe i will rather let it slide. Imagine using big amounts to bet on a very small odd like 1.01, what if you lose your bet because winning isn't a guarantee despite that the odd is very small. We have seen where an underdog with high odd win the favorite team. It's better to play safe and go for a higher odd like 1.2 and above.