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Market Efficiency and Profitable Wagering in the National Hockey League: Can Bettors Score on Longshots?

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Author Info

  • Linda M. Woodland

    ()
    (Department of Accounting, College of Business, Eastern Michigan University)

  • Bill M. Woodland

    ()
    (Eastern Michigan University)

Abstract

Sports betting and racetrack markets continue to provide researchers with opportunities to test the efficient market hypothesis. This paper investigates the efficiency of a relatively new sports betting market, the National Hockey League, for 1990–1996. The market is found to be somewhat inefficient and simple wagering strategies are identified that result in profitable returns. Consistent with previous research for football and baseball, bettors in hockey are inclined to overbet favorites relative to their observed chance of winning. Interestingly, the market does not appear to be converging to efficiency.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 67 (2001)
Issue (Month): 4 (April)
Pages: 983-995

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Handle: RePEc:sej:ancoec:v:67:4:y:2001:p:983-995

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Web page: http://www.southerneconomic.org/
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Cited by:
  1. Rodney Paul & Andrew Weinbach, 2012. "Sportsbook pricing and the behavioral biases of bettors in the NHL," Journal of Economics and Finance, Springer, vol. 36(1), pages 123-135, January.
  2. Rodney Paul & Andrew Weinbach, 2005. "Market efficiency and NCAA college basketball gambling," Journal of Economics and Finance, Springer, vol. 29(3), pages 403-408, September.
  3. Paul, Rodney J. & Weinbach, Andrew P. & Wilson, Mark, 2004. "Efficient markets, fair bets, and profitability in NBA totals 1995-96 to 2001-02," The Quarterly Review of Economics and Finance, Elsevier, vol. 44(4), pages 624-632, September.
  4. Rodney Paul & Andrew Weinbach & J. Weinbach, 2003. "Fair bets and profitability in college football gambling," Journal of Economics and Finance, Springer, vol. 27(2), pages 236-242, June.
  5. Michael Cain & David Peel, 2004. "The utility of gambling and the favourite-longshot bias," The European Journal of Finance, Taylor & Francis Journals, vol. 10(5), pages 379-390.
  6. Forrest, David & Goddard, John & Simmons, Robert, 2005. "Odds-setters as forecasters: The case of English football," International Journal of Forecasting, Elsevier, vol. 21(3), pages 551-564.
  7. Ladd Kochman & Randy Goodwin, 2006. "An Under Bias in the Football Betting Market: Fact or Fiction?: A Note," New York Economic Review, New York State Economics Association (NYSEA), vol. 37(1), pages 32-36.
  8. Rodney Paul & Andrew Weinbach, 2005. "Introduction to sports symposium," Journal of Economics and Finance, Springer, vol. 29(3), pages 382-384, September.

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