Different people with different approach to gambling. Some prefer committing huge capital to high probability small odds while others prefer using small capital to target big wins. There are many reasons for each of these approaches.
While those that put huge capital win more often, their losses are usually painful. On the other hand, those that commit small capital to make huge wins rare win but when they do, they win big; their losses too are less painful. There are other advantages and disadvantages for both approaches but for the sake of this discussion, let's know which approach you think is better and why?
I think one interesting perspective to take here is that people betting big to win small tend to bet a relatively higher proportion of their bankroll or money they have available for gambling. If someone takes $100,000 to bet on odds of 1.03 I think it is either really for fun or it is supposed to be some sort of safe bet that is meant to increase the bankroll slightly. When someone goes for higher odds like 2.0 or 3.0, I guess it is someone who is using less of the available total bankroll and says "go big or go home".
It is also all about the risk appetite, but eventually it is about the mathematics. People tend to underestimate the comparative risk of going for low odds with big capital vs. going for high odds with low capital.
If someone wants to double $10,000 and bets on odds with 1.10 in equal increments, the $10,000 would have to be bet 10 times. Now it's difficult to come up with probabilities because it depends on the bookies as to what odds they allocate to what potential win rate. But assuming that the player would give himself a 93% win rate for each of those bets, this equals 93%^10=48.4%. A player would have to think that he wins in more than 93% of the cases for each bet valued at 1.10 odds by the bookie to come up on top of a total win rate of 50%.
If a player wins half of the time and loses half of the time, he remains break even. So betting with high capital on low odds makes only sense if your bankroll is much bigger than your partial bets and the player is better in valuing the odds probability-wise than the bookie.