Actually in this case my opinion will be that overconfidence is never be good for anyone. I have also lost my bets many time for only my overconfidence on that match. And it is obviously a foolish work if anyone stake all put of our confidence in any club. But here we may also be wrong that what we think is over confidence may not be over confidence because people place their bets from a prediction of their own.
Usually this happens because bettors often get profits when betting on their favorite club and it is natural for them to trust that club again. There is nothing wrong with that, but sometimes the results can be beyond predictions and even cause losses. There should be no need to put all your stakes on one match because who knows, the previous win was just luck. So while you can, you have to stay alert and don't use up all the existing stake.