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Market Efficiency and the NHL totals betting market: Is there an under bias?


  • Bill M Woodland

    () (Economics Department, Eastern Michigan University)

  • Linda M Woodland

    () (College of Business, Eastern Michigan University)


Sports betting and racetrack markets continue to be utilized by academic researchers to provide insights into theories relating to more complex speculative markets. Previous investigations have focused on testing the efficient markets hypotheses and behavioral biases of the participants. This paper investigates the market efficiency of the National Hockey League (NHL) goal totals over/under betting market. The market is found to be inefficient and simple wagering strategies are identified that result in profitable returns.

Suggested Citation

  • Bill M Woodland & Linda M Woodland, 2010. "Market Efficiency and the NHL totals betting market: Is there an under bias?," Economics Bulletin, AccessEcon, vol. 30(4), pages 3122-3127.
  • Handle: RePEc:ebl:ecbull:eb-10-00729

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    Cited by:

    1. Raphael Flepp & Stephan Nüesch & Egon Franck, 2016. "Does Bettor Sentiment Affect Bookmaker Pricing?," Journal of Sports Economics, , vol. 17(1), pages 3-11, January.

    More about this item


    market efficiency; under bias; National Hockey League; sports betting markets; goal totals;

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • L8 - Industrial Organization - - Industry Studies: Services


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