Testing Contrarian Strategies in the National Football League

Bill M. Woodland and Linda M. Woodland
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Bill M. Woodland: Eastern Michigan University
Linda M. Woodland: Eastern Michigan University

Journal of Sports Economics, 2000, vol. 1, issue 2, 187-193

Abstract: There is evidence that stock market investors overreact to stocks that have been identified as winners and losers. This article examines whether contrarian strategies of selling (betting against) winners and buying (betting on) losers are successful in the gambling market for professional football. Contrary to the stock market, National Football League betting is found to be highly efficient. Because risk is constant for all football wagers, results support the argument that abnormal returns paid to contrarian stock market investors may be attributed to the higher risk incurred.

Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:sae:jospec:v:1:y:2000:i:2:p:187-193

DOI: 10.1177/152700250000100206

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