The Favourite-Longshot Bias, Bookmaker Margins and Insider Trading in a Variety of Betting Markets
This paper verifies the existence of the favourite-longshot bias in a variety of sports betting markets where odds are set by bookmakers, but the precise pattern of the bias is not identical. Evidence is found to support a central prediction of the Shin (1993) model, which asserts that bookmakers are impelled to create a bias in their odds because of the presence of insider traders: that margins increase with the number of competitors. Copyright Blackwell Publishers Ltd and the Board of Trustees of the Bulletin of Economic Research, 2003.
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Volume (Year): 55 (2003)
Issue (Month): 3 (July)
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