If you do the calculation correctly. You need to win 100 times to double the amount you wager. In those 100 times, if you only lose 1 time then you are losing money already that is why this way isnever profitable. The most profitable way is to gamble in the 2.00 odds and hope that you win while you try
I agree a 2.00 odd is better than 1.01, because of the duration of bets plus the chance to lose. Anyway aside from odds, I think the smart way to play gambling is to be able to quit at the right time. Like when we are already winning, probably 50% of the bankroll, it is best to call it a day since we might lose the winnings if we try to aim for more.