Why do some people in the concealed carry community seem to insist on tempting fate when it comes to self-defense ammunition?. When you bet for the underdog, it is called betting " against the odds." For example, if odds are 3/1 for the Cowboys this Sunday, then it is three times more likely. How to Bet On Sports > Betting Against the Public. Betting Against the Public is one of the most popular and simplest methods used by Sports Insights members.