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?
This actually depends on the capital and the money that I am willing to bet on.
Obviously, if I were to bet between to fighters in which I have no recollection or knowledge about their previous records, the obvious answer here would be the person who has the higher odds. I mean, what would be the difference? I know nothing so might as well bet on the person who has the higher odds.
My answer would be different if I were to risk an amount which is considered high. But if we are talking only about less than $50, I would bet everything to the underdog.