How often do public perceptions and media narratives influence betting odds in ongoing leagues, and how can bettors exploit these discrepancies to find value bets?
Social media has no effect on gambling betting odds but social media can play an important role in gambling promotion. Promotion of social media can shape public perception of league clubs' betting. The more advertisements on social media, the more users will focus on betting on that bet. Here lies the important collaboration between gambling sites and social media. The more promotions, the more users are attracted to gambling betting and the more profit between the two organizations.
I think you underestimate the power of social media my friend. Cant it create hype around person and bookies would give a bet boost or special bet, no matter if that person or a team is favourite or underdog? (if we talk about sports betting) For example if we take hyped fight between Mike Tyson and Jake Paul. Social media can speculate on shorts video that Mike post and claim that he is still quick and dangerous. Wont it affect odds? People might think that he still has a chance to win. That not a promotion, but a speculation on users perception.