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Efficiency in Betting Markets: Evidence from English Football

  • Bruno Deschamps
  • Olivier Gergaud

We analyze the efficiency of English football betting markets between 2002 and 2006. We find evidence of a positive favourite-longshot bias for both home odds and away odds. Draw odds are instead characterized by a negative longshot bias. We also identify a draw bias in the sense that betting at draw odds yields a higher return than betting at home or away odds. Finally, we investigate betting strategies that exploit the variance of odds between bookmakers.

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File URL: http://www.ingentaconnect.com/content/ubpl/jpm/2007/00000001/00000001/art00005
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Article provided by University of Buckingham Press in its journal Journal of Prediction Markets.

Volume (Year): 1 (2007)
Issue (Month): 1 (February)
Pages: 61-73

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Handle: RePEc:buc:jpredm:v:1:y:2007:i:1:p:61-73
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