For example, let’s say one team starts off slow and falls behind early, but then they suddenly make a strong comeback. The game becomes close, and at that point the betting line gives you pretty good value if you pick them to win.
Would you place your bet on that team just because they have the momentum on their side, or do you think it’s just an illusion and not really a factor in the outcome?
I suspect many gamblers out there utilize momentum in the way you describe - it's just that it's the riskiest option for those with limited capital. Momentum-based bets like this are typically used by those who are truly looking for an edge - high risk for high returns, but less fun for those betting for fun. I never did - but for them, the risk is not a big deal even though the final result of the match is sometimes not as expected.
I don't think this is an illusion - that kind of momentum exists in some games, and many gamblers maximize on it. I don't want to maximize on that kind of momentum, because I believe gambling isn't just about winning money - it's also about enjoying the game.