We can argue sports betting is about knowledge a person has about sports but at the end of the day, a person who merely goes with favorite, will also get his picks often right. So is sports betting actually about knowledge?
Since we all think that sports betting is a skill-based game then it is observed that sports betting is all about the knowledge. I don't think there is a contradiction between betting on the favorite and having a knowledge on about the sports since the knowledgeable person on sports betting can also bet on the favorite since what he knows align with the odds and or the heavy favorite.
And it also does not conflict if the person will bet on the underdog because it is possible that there is something he knows that is unknown to the majority.
The difference between the knowledgeable one and the one who is merely going with the favorite is the discernment of the current conditions of both teams.