Sorry for the vague subject. I'm not exactly sure how to describe my question.

I guess what I want to know is how the following options would change expected value.

Here's the question:

I have two options. Assume the payout on winning is exactly the same for each option.

1. Invest/wager $300 with odds of 1:263
2. Invest/wager $200 with odds of 1:450

I can choose to either take option 1 or take both.

Am I correct that if I want to get the most value for my money I should take option 1 only? Or is it better to make both wagers?

I keep running myself into a wall of confusion trying to combine the odds and the money and figure out what's better.

Thanks in advance!

You take neither bet since the payout is not given.

Without knowing the payout you can’t know whether or not each bet is profitable, although you can tell which one is better.

EV1 = P-263*300
EV2 = P-450*200

Take bet 1 if the payout is $78900 or more. Take bet 2 if the payout is $90000 or more. Bet 1 is always better than bet 2.

This is only considering EV. In practice factors like bankroll and opportunity cost may matter.