This paper examines whether the outcome bias harms price efficiency in betting exchange markets. In soccer, the match … overstated for previously lucky teams and understated for previously unlucky teams. Consistent with the outcome bias, the betting … community overestimates the importance of past match outcomes. Consequently, this bias translates into significantly negative …

experimentally test three competing theories of GF and HHF: probability bias, randomized choice, and bounded rationality. We find … the classical method suggests about 51% (48%). We show that probability bias, randomized choice, and bounded rationality …, subjects play the game twice and we vary the payoff between different options, and their probability beliefs are elicited. We …

a bias, we test potential profitability via betting simulation. We are able to reject the existence of any significant … yield modest profits. -- market efficiency ; betting markets ; sports economics ; Australian Rules football …In this paper, we test two different kinds of bias; the favorite-longshot/favorite-underdog and the home team bias, and …

pervasiveness of a well known Favourite-Longshot Bias (FLB) in the European football betting markets. The odds have been more …In this article we discuss bookmaker margins embedded in odds for "1X2" bets in the European football betting markets … of low probability bets (longshots). We propose a new, risk-based measure for quantifying balancedness of a match. Using …