To a degree.
I could probably list 50 individual events that wont happen this year and could give you increased value and if you put $10 on each of them I'd probably walk away with $500. The Brownlow is a perfect example. I see so many people say they chucked $100 on random player with no realistic chance of winning (only really a mathematical chance) because he was "value" at 95-1. That's easy money for the bookie, even if he was over the odds and should have been a 80-1 chance.
H2H markets is a different story because in a two team result like the AFL any one team is always a chance.
You need a reasonable edge though especially if you're going to take outsiders.
I still think its important to separate mathematical chances from somewhat realistic chances.
You take take Mav Weller to win the Norm Smith at 5001$ because BetEasy thinks he plays for St. Kilda not Richmond.