That depends on a couple of things to me.
1) Is this an OOS school with a low cost of attendance? If so, I wouldn't necessarily bet on it since students are more likely to stick with a cheaper school. So even if you are high on the wait list, it might not hit you since fewer people are rejecting their acceptance.
2) When you say high, are you talking 1-15 or 25-35? Both are high (considering that 100ish people are wait listed). But I wouldn't take a chance unless I was top 15 or higher on the list. You'll always have the people who will go to their dream school over saving money, the people who get accepted to their IS, and the people who defer, but you have no guarantee that will be a high percentage of people.
If I were you, I would send in the deposit, just to be sure you had a spot in a school. Sure, you'd be out of the 500-1000 bucks, but if you don't and you also aren't pulled from the wait list, you are then out of an acceptance, the effort of the application, and all the money you put in the application (which is between 500 and 1000 bucks at least), and then all the money, time, and effort you'll have to spend on the next application cycle where you might not get an acceptance.