I tell people this all the time.

Gambling on the favorites are a losing bet.  You have to bet a lot of money to make very little.  It is much better to place smaller bets on big underdogs and just wait for one of them to hit.

Take this gentlemen for example lets say he had $400 to blow and just put bets on all the 15th seeds, only needed one to hit to make all of his money back and more.

Lucky for him, one of his bets hit.