A common concept we often discuss is: the more fans a team have, the more people who will be inclined to bet on the team, and thus the market builds in a bias for that team . . . meaning that fading that team offers value. For example, the Steelers have many more fans than the Browns - so the value is on the Browns because of all the Steelers bettors (fans) affecting the market. An article by political pollster Nate Silver... Read more