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There isn't much ground breaking here, but this is mainly for people who are interested in getting into betting. However, at the same time, surprisingly, some of this may not be obvious to existing betters.
Personally, the fun aspect of betting is just as important to me as the money aspect. It makes the fights so much more exciting, and my bets are low enough that it legitimately doesn't bother me if I lose. Who wants to ruin their fight night because of a bet? Not I. Sometimes it even turns a fight into a win-win situation. For example, I wanted Pereira to win and I bet a low enough amount that I still wanted him to win, and if he lost, at least I was making some money. However, to be fair, I started off with $50 and haven't come close to being in the negative (my first bet was the underdog Chito Vera vs Sean O'Malley). In other words, even if I lose a bet, I know I'm still far away from being down overall. I'm sitting at $438.09 now and I don't plan to cash out until if/when I hit 1K.
The way I bet:

Hedge your bets when it makes sense (I will share some detailed examples below)
Be confident in your bet (i.e. don't bet on a fight that you're on the fence about). That means not betting on some events at all
Never let who you want to win sway your decision
Anything can happen in MMA - always be prepared to lose however much $ you put down. I can be extremely confident in a bet, but even then, I know to stay within my personal limit
The only time I didn't bet on an outright winner was Ngannou vs Stipe 2. I bet on Ngannou finishing Stipe in RD1. It made the first round not as enjoyable and I ended up losing the bet. Since then, I've always just bet on who the outright winner will be

Here are some parlays with and without hedging which imo were easy money (or chance at money with little risk):

(UFC 268 - No Hedging) Gaethje over Chandler, Vera over Edgar, Usman over Covington
(UFC 281 - With Hedging) Gutiérrez over Edgar, Poirier over Chandler, Izzy over Pereira. After Gutiérrez and Poirier won, I bet enough on Pereira so that if he won, I still broke even and if he lost, I still made some money
(UFC 281 - With Hedging) Topuria over Mitchell, Dricus over Till, Ankalaev over Blachowicz. After Topuria and Dricus won, I bet enough on Blachowicz so that if he won, I still broke even and if he lost, I still made some money (even with the draw). Here's some screenshots for this event.

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