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PURPOSE This study examined whether K-league fans’ responses to game outcomes align with reference-dependent preference and loss aversion principles. METHODS We collected user comments from the 2023 K-league game highlights videos on YouTube. We identified each user’s supporting team and excluded neutral fans’ comments. Sentiment analysis using KoBERT was applied, and estimated sentiment scores served as dependent variables. We performed panel regression to test whether unexpected wins and losses generate positive and negative comments. RESULTS First, an unexpected win generates more positive comments, and an unexpected loss generates more negative comments; a reference-dependent preference exists. Second, the difference between the coefficient on upset win and the absolute value of the coefficient on upset loss is not statistically different; loss aversion does not exist. CONCLUSIONS The findings derive a deeper understanding of sports viewership and explain the difference between domestic and overseas sports fans. Also, the findings provide insights into the domestic professional sports business.