If the chance of winning is only 1%, which gambler will play that kind of games in the online casino here in the crypto gambling business? Think about it, 99% of the time,
expect to lose all or always. No gambler will be motivated to gamble if the winning percentage is only like that.
What you have described is the most popular gambling game in the world. How you describe it yea who would want those odds but the kicker is the prize is usually big from all the accumulated lottery tickets helping.
The actual odds are far below 1% most often that I know of for most lotteries but it is the most participated type of gambling because its very low effort low cost, high reward in potential.