Of cause, there are lots of sys to place your games in gambling. Most Gamblers loves to bet on good players only and make sure their games have greater odds of winning, I guess that might be some strategy of placing bets. Slots don't have any strategy, you just place your bets and let the system do it's thing. If you are lucky, you come out winner and if you not, you end up losing your money. Strategy isn't fisible when it comes to gambling. You just need to play your game hope you have a win.
I wouldn't say that choosing favorites with low odds is a good strategy, favorites also lose quite often, and to collect a good odds you will need several teams, which will reduce your chances of winning. I see how guys manage to make very impressive multi-bets, and this allows them to win very big money, with I did it only a few times and I did not manage to win, so I tend to have no more than two events in my bets in which I will be more confident but the bet amount will be higher. Although I also like the idea of multi-bet and high odds (maybe someday I will learn to do it like that).