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Can Bettors Win?

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  • Leighton Vaughan Williams

Abstract

In this paper, a survey is undertaken of studies that examines the extent to which systematic patterns of behaviour in betting markets can generate above-average or even abnormal returns, the latter being most conveniently defined for these purposes as a profit. The paper concludes that although betting markets do tend to process efficiently the information available to them, there are clear opportunities to earn above-average returns. Moreover, there is significant evidence that some bettors are able to profit by withholding and subsequently utilising superior information.

Suggested Citation

  • Leighton Vaughan Williams, 2001. "Can Bettors Win?," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 2(1), pages 31-48, January.
    • Handle: RePEc:wej:wldecn:45
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=45
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    Cited by:

    1. David Paton & Leighton Vaughan Williams, 2005. "Forecasting outcomes in spread betting markets: can bettors use 'quarbs' to beat the book?," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 24(2), pages 139-154.

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