Incorrect, profit isn't the main reason in gambling, the adrenaline is.
I think it depends on the person. But to be fair I don’t think we should be gambling for profit because it takes away the fun and you are most likely to lose some money.
We also need to consider aways or home games because it can make a big difference if a team plays at home or away. Usually, home teams have a considerable advantage and will win more often compared to away teams. But also, odds are lower if a team plays at home and odds will be higher, when a team plays away.
Home advantage needs to be considered as well because some teams are stronger at home compared to competitors.
I mean seriously this entire paragraph can be shortened to just one sentence.
I'd choose to bet on underdog, even though the favorite team has a higher chance to win, but gambling is gambling, so it will be 50/50 game. Why I need to take the same risk to win small amount money, when there's an option to bet with the same risk and higher reward.
If it’s profit you are in for then it’s better to study the odds and bet on what seems to be a safer bet but if you are loyal and want your own personal favorite team then you can forget about the stats and just bet on it. It does indeed feel better if your favorite team wins especially after a series of losses