Yes definitely, if you play more games by placing more bets, then it means that you are taking more risk to make more money. Now we know that with high risk the chances of loss also increases. Hence, it’s often seen that we make losses in this type of situation. We can easily counter this, if we set a daily budget and bet according to it. Don’t greed for more, and you won’t lose more.
I actually think that the more we pick, the more chances we can win. The only downside of doing this is that we can earn less profit. I'm thinking about the game of Roulette here as one of my example. It is when you bet on multiple numbers and other ways to place a bet (E.g. color red, odd/even, etc.).But, the case is different in a parlay game when we play sports betting. It may lessen your chance to win there but the more return you are going to get once you predict all or a lot of correct matches. Setting up a budget for gambling is great but it does not mean that we won't be doing the strategy anymore. We still can, if we think we can benefit more with it.
That's why I understand your point because I have been experiencing it a lot of times now. Winning the first one then losing the next two or three more bets. 
