I was with you, up to here. The opposite of one team's fans' hopes may be simply other teams' fans' apathy toward them. I don't know how much of the action is by the self-styled "smart money" of professional bettors who make their living that way (or so they tell their friends), but unless it's the lion's share you are betting against the hopes of fans in bigger cities, and the bookies are there to level out the action. I do think the odds are interesting, in that there is enough smart money involved that it's not just a popularity contest. "My town is red hot, your town ain't doodly squat."