I do it sometimes.
Geelong are $1.30 Favs.. I checked odds & said, yep they'll win.
If i didnt know the odds, and checked em seeing Hawks $1.30, id say same, yep they'll win.
Essendon vs Collingwood, myself Essendon might scare them. If i saw them @$2.20 i wouldnt touch em, but because they are @ $4.50, ye ill put a few bucks on it.
Your reading into the odds and expecting because the odds are so low, that the favourite is a certanty to win. Not true at all.