This, but it doesn't always like that, say the other team got previous matches and with lower chance of winning, probably i will bet on the fav team. But for betting purposes especially in basketball i don't based on standings/previous match alone and/or just my fav team, but i usually based the current game play and condition of the players, the winning team and money is important than to sympathize my fav team lol. Like i don't bet on the winning team before the match begins but when it's already starting like 3rd quarter, i have higher winning rate of doing such style tbh.
Many changes happen with a team, from available players for a match like suspensions from red cards, card quota and injuries, then coach selection for the match. Other factors are like their fitness, forms and how they actually perform in a match and in sports, no match is the same like other matches. A win streak can be broken any time even when playing with a weaker opponent.
It's surely that we have best understandings about our favorite teams so that we can have abiity to make better decisions with our favorite teams with another big condition: we must control our emotion well enough. Usually, if we are not control our emotion well, we will bet with our favorite teams very emotionally like our unlogical support for them.