I'm not sure if this had been asked before. This is just an example of some odds that I saw recently Fighter A (1.30) vs Fighter B (3.65). With this obviously, Fighter A is the people's champ and Fighter B is the underdog.
Regardless of who is bigger and undefeated record, let's say you have no idea who these fighters are because the names can't even be read like Ulshrkubyki vs Ykwehgyfvbh. If you only have $10 left in your sports betting account, would you go for the champ which you can only earn $3, or go for the underdog which if he got lucky can triple your money?
What do you mean by "Ulshrkubyki vs Ykwehgyfvbh"? You mean a hypothetical situation when they can't be googled? Well, in that case I'd surely go for the underdog. I hate losing when the odds are in my favor, it is so frustrating! And that's what can happen when you are betting on the everyone's favorite. Besides, if you win, you win something much smaller than your bet, which is not that satisfying either.
However, if you
can google, and you see that the underdog doesn't stand a chance, betting on him is stupid, no matter the outcome odds. (I myself have made a lot of such stupid bets, but I knew they were stupid, okay?)