In Casino, the games of chance are also games of -EV. Now imagine that you could play a simple dice with the following payout table, but the play is limited to one round:
4-6: pay back 10:1
2-3: no effect
1: lose your bet.
How much would you bet?
How often can I play?Everything!
It is better to split cash (1/3..6) and do as much tries as possible.
If many tries are possible a gambler would probably do martingale. In the end that doesn't change much regarding odds, though,... mostly the time it takes to finish. That's why I said: bet it all on first go and be done with it. As long as one has a means of earning income and not much funds, this makes the most sense imo.
If you're old and already have enough money, why gamble at all?
Well in a profitable gamble such as this you want to approach EV as much as positive (as EV is positive) and as such make your bets as small as allowed (at $0.01 per bet anyone should take this bet of course). Risto explicitly excluded this option however.