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- W1601592622 abstract "Sports and betting markets have received little attention relative to financial markets, they are well suited for testing market efficiency and bettor rationality. This chapter discussesresearch on horseracing, sports betting on football and basketball, and lotteries besides numerous studies of efficiency in these markets. Several profitable systems are also described. The continued success of these winning systems tends to be related to some complicating factor in its development or execution. For instance, the system may involve short odds and complex probability estimation, it may rely on syndicates of bettors, it could require extremely long time horizons, or extensive data collection and statistical work. The winning systems described are subset of the winning systems used in practice. The incentives to disclose details of a winning system may not be sufficient in some cases given that such an action typically reduces the system's profitability as others employ it. The optimal betting strategies for exploiting inefficiencies when present are described in the chapter." @default.
- W1601592622 created "2016-06-24" @default.
- W1601592622 creator A5026591533 @default.
- W1601592622 creator A5033701615 @default.
- W1601592622 date "1995-01-01" @default.
- W1601592622 modified "2023-10-11" @default.
- W1601592622 title "Chapter 18 Efficiency of sports and lottery betting markets" @default.
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- W1601592622 doi "https://doi.org/10.1016/s0927-0507(05)80062-3" @default.
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