is betting on underdogs a better long term strategy than favorites?

I've always been more of a slots and blackjack guy, but lately I've been drifting into sports betting and started wondering about the underdog angle. It’s tempting, seeing those big odds and thinking you only need a couple to hit for a solid profit. On the flip, favorites win more often but payouts are small, and it feels like one loss wipes out a lot of smaller wins. I’m not talking about wild longshots every time, but decent underdogs that have a real shot.

I used to approach my slots sessions the same way, honestly - always scanning for those rare bonus rounds instead of nickel-and-diming the base game. Felt more fun and sometimes paid off, but the bankroll did get chewed up fast. Anyone actually run stats or keep logs on their dog vs favorite bets long term? Or maybe you tweak your picks based on the sport? Just trying to recalibrate my approach before getting in too deep.