I also bet on favorites sometimes and also lose such bets. While betting on underdogs is more risky, with the potential win, I think it kind of evens out with the profits from playing it safe and is also more exciting for me
I also bet on favorites but not because they are my favorites but because I know they are likely to win which still means I do not bet on favorites. Good clubs like Liverpool, Barcelona, Inter, PSG, Bayern and some other clubs are my favorites. I am even not a fan of any club but I still like those clubs that are very strong and winning leagues and cups which are my favorites.