That's an example of what OP might have been looking at. Being happy as a fan while losing a bet. 
There have been times that I have also bet on my favorite fighter and then lost the bet because an underdog won. Not a good feeling but worth to support my beloved country man fighting in the ring. But when the both fighters are not from my country, I would bet on someone who has the advantage and likely to win. No more concept of happy while losing.
Yes, when betting, you should give your money the highest priority. If you have to bet against your own team while giving priority to your own money, then that is also okay. Many times, it is seen that some gamblers are so emotional about their team that even if a strong team takes the field against the team they support, they still bet on their team and later they lose. Yes, winning and losing are very normal things, but before the competition between two teams, if we see that one team is better than the other and the stronger team is not the team I support, then we still have to bet on that team and if a gambler loves his own team more, then there is no need to bet against his opponent. There have been times that I have also bet on my favorite fighter and then lost the bet because an underdog won. Not a good feeling but worth to support my beloved country man fighting in the ring. But when the both fighters are not from my country, I would bet on someone who has the advantage and likely to win. No more concept of happy while losing.