Great responces! I was using some of you guys methods in different stage of my betting career.
I now settled into strategy that I really don't think much bettors do or do exclusively.
I call it the underdog veteran fighter...
I think it's a betting niche that has not been developed, yet.
In short, what is "the underdog veteran fighter"? This is betting on a fighter who is much more experienced, technical, smart, and so on, from his opponent, but the bookmakers put him as an underdog because he is in a losing streak, for example, or the opponent has advantages such as athleticism, age or just is hyped up by media and fans, or other reasons that are not real or sufficient for win, but the audience and/or the bookmaker thinks so.
I think that such bets are some kind of "hole in the system" because we actually put money on a fighter who is much better than the opponent, but we get it as a big underdog. That way here we have an advantage over the bookmaker. Of course, not every underdog veteran fighter wins. We need to know where to hit, where the chance is really on our side. The good of these bets is that they are relatively low-risk, a small bet is needed for good profit, even if we don't win - we don't lose much. And it's not like we are choosing the worse fighter in the hope that the opponent will make a stupid mistake and lose an easy fight. As for example with Elkins' fight with Bectic. He won, but it was not because the bookie made a mistake with the odds, the odds were right, just one of these freak things that happens from time to time in MMA.
To not talk out my ass I will put below some examples in recent history of underdogs that really should not have been (from all of these I only put money on Miller, tho and was seriously thinking about Nog):
James Krause (+200 win over Warlley Alves)
Court McGee (+150 win over Alex Garcia)
Lil Nog (+230 win over Sam Alvey)
Jim Miller (+130 win over Alex White)
(If Overeem was disrespected by the bookie more, I would have put him in this strategy, but he was barely an underdog, maybe I should given how the fight went, but still it's the Reem he could lose to literally anyone at this point in his career)
As a side note I want to mention that A LOT of Factory X fighters (including some who just spent their fight camp there) are winning as an underdogs recently. The aforementioned McGee and Krause. But we got long time Factory X A.Smith with a big win over Volcan and Ian Heinisch just won his fight with Mutante last week (was the underdog).
Factory X is a good place with competent coaches. I have also been impressed for quite some time how good and accurate advice they give their fighters between the rounds, their work in the corner is top level I think.