Sportbooks make the most money from bets with very small payout.
If you want to have the highest chance to reach that 16k, you could better use higher odds.
Another thing:
If I was you, I'd put some money aside if I'd reach a certain amount. E.g. if you reach $200, you put $20 aside, so if you bust, you are not losing money.
Yes that is a wise idea, It is good to put aside 20$ once you reach 100$ and put aside 100$ once you reach 1000$ and so on, it may lengthen the challenge a bit but it is good to save some profits