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Arne Feddersen

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.

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Arne Feddersen and Wolfgang Maennig

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Oliver Budzinski and Arne Feddersen

The Formula One World Championship (F1) is one of the biggest sports businesses in the world. However, it seems astonishing that only very few scholarly articles analyse the F1 business. The aim of this chapter is to contribute to closing two gaps in the existing literature, by contributing (1) to the (sports) economic analysis of the F1 business and (2) to the literature on competitive balance in non-team sports. Similar to competitive balance in team sport leagues, three dimensions can be distinguished in F1 racing: (1) race-specific competitive balance, (2) within-season competitive balance and (3) between-season competitive balance. In addition to classical tools and data, some new and F1-specific indicators, such as average lead changes or leading distance, are employed. Also, pitfalls induced especially by the used data source or calculation method are highlighted.

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Xiaogang Che, Arne Feddersen and Brad R. Humphreys

In this chapter the authors show how bookmaker commissions, termed ‘over-round’, have fallen over time through greater competition, hence offering improved value for bettors. They take the English Premier League as their test case and focus on the two largest UK bookmakers. The findings are most interesting. First, over-rounds have fallen over time. Second, this reduction is attributable to the emergence of a betting exchange, Betfair, which has become increasingly popular in the UK. Third, perhaps surprisingly, the reduced commissions are not related to the growth of online bookmakers in the UK. Thus, it is increased competition from the betting exchange and not from online bookmakers that has exerted downward pressure on bookmaker over-rounds.