Odds is the reflection of the various factors being considered by the experts of bookies. They are placing random odds out nowhere rather they do some analysis and consider the pulse of bettor in able to give an odds.
Although some odds was reflected based on the favorites of the majority of bettor but that is because there’s a clear indication for that winning percentage based on stats.
So odds is highly reliable.
Sure, but odds are also counted in a way, that it isn't profitable to use them as winning indicators in a long run. Because you need several low odds win to counter that one full bet you lose.
And higher change you have to win, lower the odds are. And even when odds are significantly low, there's a change that other team wins, which you will notice is happening all the time when you try that tactic.
Summa summarum: Stats can predict the outcome, but they are not reliable enough to cover the costs for losing.