A Test for Bias of Inherent Characteristics in Betting Markets

William H. Dare and Steven A. Dennis

Journal of Sports Economics, 2011, vol. 12, issue 6, 660-665

Abstract: The authors develop a model to investigate potential biases of inherent characteristics in betting markets. The test requires only that there be both a sides (“spread†) market and a totals (“over/under†) market for the game. The authors utilize the model to test for the well-documented “home-underdog†bias in the National Football League (NFL). They show that the bias specifically favors the offense (or defense) of home underdogs (away-favorites), with no bias against the offense (defense) of away favorites (home-underdogs).

Keywords: betting; market; NFL; efficiency; bias; home; underdog (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:jospec:v:12:y:2011:i:6:p:660-665

DOI: 10.1177/1527002510395864

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