These are just different business models and they both work.
Personally, I like my freedom and I have a big mouth, I would hate to be limited by developing a dependence on any one program.
With one program, yes, you end up making a higher percentage.
But with many it doesn’t matter if some earnings get cancelled out by winners, so there is a good argument in this.
For me, it’s mostly that I need to stay a free agent.