Moreover, if you have very little amount of money even one bad loss early one could offset all you do and can make you just try to catch back on break even instead of trying to win. I have used this strategy when I was gambling with the free doge that was given and it was decent strategy but I wouldn't be capable of doing it on bitcoin.
That is why usually people wont do this for a long term period because it is very small winning but with very high chance to win. You can do this a couple of times if you think you are lucky enough with of course higher bet to maximize your payout and do the opposite way as well to make sure that you hit big also but of course you can bet this in a long term. This is how dice is actuall played but with some modification there is many variances to play by using third party bot