jdagger shows us just that:
Yes I agree with you that its a very risky way of betting. I remember a few years back I wanted to move my rank up with Primedice and I wanted to have a big wagered BTC. And I found out that the fastest way would be to bet on a safe multipler such as 1.1x or so. That way you can bet like 1 BTC and chances are you will win and it very quickly moved up your overall wagered BTC while keeping a high probability of winning.
Basically it worked well... until it didn't. I think I remember I ended up hitting 2 losses in a row with 1.1x and ended up losing a huge chunk of my BTC holdings at the time. So it looks like a surfire way of gaining a large BTC wagered account however eventually luck won't be on your side and you will end up with a large loss which usually is higher that the smaller wins that you won prior.
I think I won like 0.1 BTC about 4 times so 0.4 BTC but when I hit that loss I ended up losing 2 BTC so in the end lost over 1.6 BTC.
As far as I can see, this kind of flat betting with high amount but low payout is happening very often especially when there is a race. The main purpose is to wager as much as possible with low risk to win something from the race. Indeed it is risky bet but if someone is able to afford the lose then I can say that it is the best betting strategy to used on the race.
If you are active on the telegram group of stake your find many races which give good amount on wagering the highest amount.
Yes this this can be easily achieved by wagering high amounts with low odds but a one single loss will give you a big loss.