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Efficiency in gambling markets involving spread: a corrected and simplified test

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  • Bill Woodland
  • Linda Woodland

Abstract

A correction is proposed for a test of market efficiency that is commonly applied to sports betting markets. Markets offering spread and totals wagers, such as football and basketball, typically employ the 'eleven for ten' betting rule. The previously established test statistic for profitability is positively biased, so it could lead researchers to a false rejection of the efficient markets hypothesis.

Suggested Citation

  • Bill Woodland & Linda Woodland, 1997. "Efficiency in gambling markets involving spread: a corrected and simplified test," Applied Economics Letters, Taylor & Francis Journals, vol. 4(2), pages 93-95.
    • Handle: RePEc:taf:apeclt:v:4:y:1997:i:2:p:93-95
    DOI: 10.1080/758526702
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    Cited by:

    1. M. Woodland & Linda Woodland, 2005. "Appropriate statistical methodology for testing the efficiency of betting markets involving spread and totals," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 29(3), pages 385-390, September.
    2. Rodney Paul & Andrew Weinbach, 2005. "Introduction to sports symposium," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 29(3), pages 382-384, September.
    3. Bill M. Woodland & Linda M. Woodland, 2000. "Testing Contrarian Strategies in the National Football League," Journal of Sports Economics, , vol. 1(2), pages 187-193, May.
    4. Gandar, John M. & Zuber, Richard A. & Lamb, Reinhold P., 2001. "The home field advantage revisited: a search for the bias in other sports betting markets," Journal of Economics and Business, Elsevier, vol. 53(4), pages 439-453.

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