I think if you are risking too much money on contrary you should play with higher odds of winning, like if you can do you should go for 1.
1 instead of 2.02 because you are risking way too much already and there is no point of risking it even more, if you do x4 there is a bigger chance of losing all of it and we don't know how rich that person is, maybe he has 10+ million dollars, then yeah he wouldn't mind but maybe he has like 50 thousand dollars total and betting 8 thousand of it, in which case he should not make those type of bets but there are gambling addicts so lets assume they do, the clearest choice would be the high odds of winning so you can at least not lose your money (not even focus on how much you would win, it is more about how you are not losing) but that is my thought of course, everyone has their own.
This isn't always an effective strategy. Sure you can go and bet with a 90-10 odds of winning but what happens when somewhere in the first 5 rolls you end up with a loser, then you lost basically 10x of your base bet. Since the bets are completely indepedant statistically, I don't think the higher or lower the odds make a difference unless you are betting 1 BTC and are using the 9900x bet odds.
Gambling addicts aren't the people who bet a large BTC amount or people who bet with higher odds. Most gambling addicts basically bet small amounts like $50 or $100 or so and they usually try and go for the quickest wins and that is generally betting on 50/50. However due to greed, even if they win a large amount they usually end up betting it all until they end up losing everything. A whale is different because they got lots of money and greed and fear isnt a factor in their bets.