The Economics of Sports Betting
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The Economics of Sports Betting

Edited by Plácido Rodríguez, Brad R. Humphreys and Robert Simmons

This unique book delves into a number of intriguing issues and addresses several pertinent questions including, should gambling markets be privatized? Is the ‘hot hand’ hypothesis real or a myth? Are the ‘many’ smarter than the ‘few’ in estimating betting odds? How are prices set in fixed odds betting markets? The book also explores the informational efficiency of betting markets and the prevalence of corruption and illegal betting in sports.
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Chapter 4: Evaluating probabilities for a football in-play betting market

Stephen Dobson and John Goddard

Abstract

A recent popular development in sports betting markets is the emergence of in-play betting where gamblers can post bets online during a sporting contest. Betting products available for ‘live’ or in-play betting include the match result, the exact score and the identity of the next scorer. This market has shown spectacular growth for European football. In a novel contribution in this chapter, the authors investigate the efficiency of the in-play football betting market as applied to exact scores in the English Premier League over two seasons. They compare betting exchange implied probabilities with probabilities generated from a statistical model and find some discrepancies after key events, especially just after a goal is scored or a player is dismissed from the field of play.

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