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Football Betting As A Cyclical Learning Process

Author

Listed:
  • Francesc Pujol

    (ESI, Economics Sport and Intangibles research group, Department of Economics, University of Navarra)

Abstract

Based on the well established result of probability matching, we explore in this paper to what extent soccer bettors adjust their behavior taking into account the new relevant information provided by the market. We test empirically the existence of a learning process using the Quiniela bettors performance, the Spanish soccer betting game, for the period 1970-2000. Empirical results suggest that there is a progressive improvement in the bettors' performance attributable to the learning process. The other remaining explanatory variables follow the expected behavior.

Suggested Citation

  • Francesc Pujol, 2009. "Football Betting As A Cyclical Learning Process," Faculty Working Papers 05/09, School of Economics and Business Administration, University of Navarra.
    • Handle: RePEc:una:unccee:wp0509
    as

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    File URL: http://www.unav.edu/documents/10174/6546776/1254046743_WP_UNAV_05_09.pdf
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    References listed on IDEAS

    as
    1. W. Estes, 1957. "Theory of learning with constant, variable, or contingent probabilities of reinforcement," Psychometrika, Springer;The Psychometric Society, vol. 22(2), pages 113-132, June.
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    Citations

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    Cited by:

    1. David Forrest, 2014. "Football and betting," Chapters, in: John Goddard & Peter Sloane (ed.), Handbook on the Economics of Professional Football, chapter 23, pages 383-400, Edward Elgar Publishing.
    2. D. Forrest & L. Perez, 2011. "Football pools and lotteries: substitute roads to riches?," Applied Economics Letters, Taylor & Francis Journals, vol. 18(13), pages 1253-1257.

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    More about this item

    Keywords

    betting market; learning process; soccer; Quiniela;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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