Information effects in major league baseball betting markets

Matt E. Ryan, Marshall Gramm and Nicholas McKinney

Applied Economics, 2012, vol. 44, issue 6, 707-716

Abstract: Previous studies point to a generally efficient baseball betting market with no profitable betting strategies. However, failure to consider the time of year in which the bets are placed neglects differences in available information throughout the season. This analysis largely confirms the general efficiency of the major league baseball betting market by existing measures; however, incorporating the time of the year in which the bet is made generates persistent profitable betting strategies. The process by which information impacts returns is considered; increasing difficulties in determining the true favourite likely play the largest role, while assessing the exact favourite underdog relationship also has an impact.

Date: 2012
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DOI: 10.1080/00036846.2010.518951

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