If you cannot help but wagering on your favorite team regardless to the odds and to the basic common sense, at least make it minimal: place small amount of money so you would still be able to have fun watching the game.
If, God forbid, you lose, do not be tempted to bet more or you will end up in an endless circle of chasing your bets. Trust me; you do not want to go there.
If you win big time, do not invest your entire winning on betting at once. It will be wiser and more responsible to be satisfied with betting only a certain portion of your winning.
Remember, proportion is a key word. Taking everything in proportion, including when winning, losing your money and or watching your favorite team lose, is the best strategy to minimize the financial and emotional damage.
and do not forget to have fun!