I can't remember who, but someone observed that (according to them) the reason people will emotionally invest in teams, players, artists etc., instead of just c

I can't remember who, but someone observed that (according to them) the reason people will emotionally invest in teams, players, artists etc., instead of just cheering for whoever performs best at any given time, is that they like to bet something. There's a risk if you have a favorite team or player and they might lose, because then you lose: so, there's some excitement to be had not just over the play but also the ultimate result. How this relates to the present topic I don't know; hell, I'm not even sure this hypothesis is correct. I just think it's interesting.