I definitely seem to lose almost the same frequency on low odds games. My history on FBC betting shows I lose a lot of bets on odds below 2x anyway while history on bookies with high odds show I win something like 1 in 10, so in theory odds above 10x are very good ROI.
It doesn't make sense right? To me anyway, but yeah I get it, we should always try to make profit.
For the event with only 2 possible outcomes (either of the players wins and there are no draws), with odds of x23 for one and x1.2 for the other, you would have an amazing arbitrage opportunity with a guaranteed ROI of 14.05%.
So if the odds were correct, you could just throw a larger stake, to enjoy decent profit, virtually risk-free. So yes, it would make sense.
But I don't really look for arbitrage. As I mentioned, my bet was $5. I prefer to either lose $5 or win 23x5. Instead of "guaranteeing" $1 win. If odds were 2x it would be different I would definitely risk a further $50. Then I either win $55, or $45.