Efficiency in Betting Markets: Evidence from English Football

Bruno Deschamps and Olivier Gergaud ()

Journal of Prediction Markets, 2007, vol. 1, issue 1, pages 61-73

Abstract: We analyze the efficiency of English football betting markets between 2002 and 2006. We find evidence of a positive favourite-longshot bias for both home odds and away odds. Draw odds are instead characterized by a negative longshot bias. We also identify a draw bias in the sense that betting at draw odds yields a higher return than betting at home or away odds. Finally, we investigate betting strategies that exploit the variance of odds between bookmakers.

JEL-codes: L83 (search for similar items in EconPapers)
Date: 2007

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Persistent link: http://EconPapers.repec.org/RePEc:buc:jpredm:v:1:y:2007:i:1:p:61-73

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