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Activity Number: 280
Type: Contributed
Date/Time: Tuesday, August 8, 2006 : 10:30 AM to 12:20 PM
Sponsor: Section on Statistics in Sports
Abstract - #305883
Title: A Cross-Country Comparison of Efficiency of Soccer-Betting Markets
Author(s): Ruud H. Koning*+
Companies: University of Groningen
Address: Department of Econometrics, Groningen, 9700AV, The Netherlands
Keywords: rating models ; betting odds ; efficient market hypothesis
Abstract:

Sports and betting have grown together to become multibillion dollar industries. The advent of the internet has globalized the betting market even more, with a few clicks it is possible to put a wager on events far away. Betting odds are also routinely used as indicators of winning probabilities or indicators of relative strengths. This assumes that betting markets process information efficiently. In this paper, we test this hypothesis for soccer betting markets in eleven different countries, and in markets for different divisions within the same country. In our analysis, we focus in particular on variation of efficiency between different countries.

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Revised April, 2006