Do odds in esports betting really reflect skill?

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I've been placing wagers on League of Legends and Dota 2 matches recently and have started questioning how well betting odds reflect a team’s actual skill level. While bookmakers often base odds on past performance and rankings, they rarely factor in crucial aspects like roster changes, team synergy, or even recent patches impacting meta strategies.

For instance, in the last LoL Worlds, several underdog teams outperformed due to innovative drafts. Betting on such longshots can be incredibly rewarding but requires deep knowledge of the current meta and teams.

Do you think bookmakers rely too heavily on historical data? How do you evaluate teams for esports betting beyond what the odds suggest?
 

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