There are a lot of stats you can use like the gaming history of the players but in the end, it is gambling. Some people ignore those stats because the team if their favorite. Some bet on this specific team because they think the team has stronger line up than their opponent. Esports betting is difficult because either team could "comeback" and take the lead any time during the game.
What you say is similar to any other sports betting. You do analysis on the team, think about environmental factors that could change the outcome and see what condition the team mentality is before you place a bet. Or some people like to get a tip from the bookies as a small investment on what fixing may be occuring in the game.
Esports are not free from cheating/fixed matches. You have to be lucky here or you will lose a lot of money betting on the team which you thought would win but was a bluff.
Tournament seems fair to and specifics team as we know are trained by their country to representing their country in the esport tournaments.
Surely this kind of betting could be a great game but still, we cannot predict who is going to win in a tournament I think what we could do is just think of the strongest team,
But surely we cannot get all of the accurate information from every team.