The NFL pointspread market revisited: anomaly or statistical aberration?
AbstractAn earlier paper by Lacey (1990) examined the National Football League betting market, using data from the 1984-1986 seasons. He tested 13 technical rules for betting and found several that had winning proportions significantly greater than 0.5 and were also profitable after transaction costs. That represented a violation of the weak form of the Efficient Markets Hypothesis. This paper provides an independent test of those same rules over the 1987-1995 NFL seasons. None of the strategies were profitable or had winning proportions significantly different than 0.5. Lacey's results were apparently just a statistical aberration rather than an exploitable anomaly. The results herein suggest the Efficient Markets Hypothesis was not violated.
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Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal Applied Economics Letters.
Volume (Year): 5 (1998)
Issue (Month): 3 ()
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Web page: http://www.tandf.co.uk/journals/routledge/13504851.html
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- Vergin, Roger C. & Sosik, John J., 1999. "No place like home: an examination of the home field advantage in gambling strategies in NFL football," Journal of Economics and Business, Elsevier, vol. 51(1), pages 21-31, January.
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