Betting on the Other Team As Insurance

I thought about what it means to bet on one's favorite team. Conventionally, people put money on their own team. This means that if their team wins, they also win some money. Double payoff. But if their team loses, not only do they have to endure the pain of losing a big game, they're out some cashola, too. Double pain.

But what about betting on the other team? Fans often say things like, "I'll give anything for my team to win the Series/Superbowl, etc." So why not bet on the other team in the amount that one would give to see their own team win? If their team wins, then the monetary loss would be worth it. But if their team loses, then they win some money to console them in their misery. Before the 2002 World Series, I should have put up some good money on the Angels - the amount I would have given to see the Giants win - so that when the Giants lost, I could have afforded to drown my sorrows.