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Market efficiency and the favorite–longshot bias: evidence from handball betting markets

In: The Economics of Sports Betting

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  • Arne Feddersen

Abstract

Considerable attention has been devoted to the presence of favourite-longshot boas in sports betting markets where favourites are ‘under-bet’ with odds that are superior to those predicted under fully efficient markets. Underdogs are ‘under-bet’ with odds that are even more unfair than those that would be predicted under market efficiency. The favourite-longshot bias has been well-documented in horse racing. In this chapter the author extends the analysis of favourite-longshot bias to European handball leagues covering six countries. The chapter uses regression-based analysis to demonstrate the presence of favourite-longshot bias in handball with market inefficiency observed as a consequence.

Suggested Citation

  • Arne Feddersen, 2017. "Market efficiency and the favorite–longshot bias: evidence from handball betting markets," Chapters, in: Plácido Rodríguez & Brad R. Humphreys & Robert Simmons (ed.), The Economics of Sports Betting, chapter 7, pages 105-117, Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:16946_7
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    Keywords

    Economics and Finance;

    Statistics

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