See if this helps.
Next year I want to bet the Patriots to go the whole year undefeated. I can make a prop bet and get xx odds. You would be way better off betting the moneyline on the Patriots to win each game and keep rolling it over. Same bet but a much higher payoff doing it the second way.
The problem is that bet itself is irrational whether you do it in one shot or by betting every week..
1. The odds of the pats going undefeated is very low, so you're just throwing your hard earned money at getting super lucky.
2. Just because you can win more money does not take away from the fact that it's a brand new bet every single week.
You already earned the money, it's yours to lose. There's no difference between blowing $30k you earned through your job or through gambling, at the end of the day you blew $30k that was in your bank account. I always find it funny that gamblers are fine with losing "house money" when the goal of gambling is to make as much money as you can. When you lose, the loss is permanent. When you win, the win is temporary. Totally illogical to gamble when that's the 2 sides of the coin.