Market Efficiency and the NHL totals betting market: Is there an under bias?

Sports betting and racetrack markets continue to be utilized by academic researchers to provide insights into theories relating to more complex speculative markets. Previous investigations have focused on testing the efficient markets hypotheses and behavioral biases of the participants. This paper investigates the market efficiency of the National Hockey League (NHL) goal totals over/under betting market. The market is found to be inefficient and simple wagering strategies are identified that result in profitable returns.market efficiency, under bias, National Hockey League, sports betting markets, goal totals

Market efficiency and profitable wagering in the National Hockey League: Can bettors score on longshots?

There is evidence that stock market investors overreact to stocks that have been identified as winners and losers. This article examines whether contrarian strategies of selling (betting against) winners and buying (betting on) losers are successful in the gambling market for professional football. Contrary to the stock market, National Football League betting is found to be highly efficient. Because risk is constant for all football wagers, results support the argument that abnormal returns paid to contrarian stock market investors may be attributed to the higher risk incurred

Testing profitability in the NBA season wins total betting market

The favorite-longshot bias, the tendency of bettors to underbet favorites and overbet longshots (underdogs), has received considerable attention in the economics and finance literature. Although the bias is prevalent in racetrack betting, with pari-mutuel odds, researchers have detected a reverse bias in two fixed-odds betting markets in the United States. A weak bias was documented for Major League Baseball for 22 seasons. It was also found to be present in the National Hockey League betting market and was of sufficient strength to allow for profitable wagering opportunities. This article analyzes 10 additional seasons of hockey wagering. The bias is sustained for the first three seasons but disappears in the last seven seasons as the market converges to efficiency. This contrasts with the baseball betting market, where the bias persists

The reverse favourite-longshot bias and market efficiency in major league baseball: An update

This paper compares the accuracy of commonly used tests of market efficiency and provides a recommendation for future research. Interest in sports betting markets as an opportunity to test the efficient market hypothesis remains strong. The most popular form of wagering is against the spread, where the 11 for 10 rule offers bettors the opportunity to wager $1.10 for a chance to win$1. This is the dominant betting methods for sides and totals wagers in football and basketball betting. This paper compares the accuracy of three test statistics commonly employed to approximate the binomial distribution in examinations of market efficiency. While the standard normal and likelihood ratio statistics are nearly identical in terms of accuracy, the standard normal test, corrected for continuity, does offer considerable improvement in many situations. However, given the easy accessibility of computing power, the researchers recommend that future researchers calculate the exact binomial probabilities

The reverse favorite--longshot bias in the National Hockey League: Do bettors still score on longshots?

Sports betting and racetrack markets continue to be utilized by academic researchers to provide insights into theories relating to more complex speculative markets. Previous investigations have focused on testing the efficient markets hypotheses and behavioral biases of the participants. This paper investigates the market efficiency of the National Hockey League (NHL) goal totals over/under betting market. The market is found to be inefficient and simple wagering strategies are identified that result in profitable returns

The National Football League season wins total betting market: The impact of heuristics on behavior

This article presents strategies for creating an active learning environment in a principles of accounting course. These strategies, which promote independent and lifelong learning, include the use of interactive lecture materials, collaborative in-class exercises, and self-directed out-of-class assignments. The strategies presented should not only assist instructors in teaching a more active and effective introductory accounting course, but also offer the benefits of stimulating and increasing student interest in accounting as a major. [PUBLICATION ABSTRACT

Market efficiency and the NHL totals betting market: Is there an under bias?

Racetrack and sports betting markets have been researched extensively with respect to the question of market efficiency. In contrast to the consistently observed favouritelongshot bias found in racetrack betting markets, it has been shown that gamblers in the market for Major League Baseball games reveal the opposite behaviour. This paper updates the previous study with ten years of additional data for the 199099 seasons. The strength of the reverse favouritelongshot bias is virtually identical to the original paper. The result suggests that, contrary to most reported inefficiencies in gambling markets, this bias appears to be permanent

The effects of risk aversion on wagering - Point spread versus odds

This paper addresses a range of critical problems involving higher education funding, curricula, staff recruitment, retention and development, and student affairs that the system of higher education in Ethiopia is facing. After discussing the fundamental contributions of higher education to technological innovations, better health, improved service delivery, labour productivity, pluralism, and democratic governance, the paper examines the current state of affairs of higher education in Ethiopia. It not only discusses the problems and issues of higher education, but it also explores the ramifications of the pressure that the current expansion of higher education has on the staff, meagre resources, and facilities, thereby raising grave concern for the quality of education. The paper concludes that higher education institutions in Ethiopia are underfunded and understaffed with the curricula running the risk of becoming obsolete. Finally, it sheds light on ways to deal with the plethora of problems that the system of higher education in Ethiopia is encountering