Prior academic studies find that bets on underdogs persistently win more often than expected in National Football League (NFL) and National Collegiate Athletic Association (NCAA) football gambling markets. We extend this stream of literature by examining this 'underdog bias' in the market for...

Betting market odds for Major League Baseball are used to examine the level of uncertainty of outcome and the perceived level of competitive balance. The efficient markets hypothesis cannot be rejected for the years 1990-2006 in Major League Baseball. Therefore, the odds provide an ex-ante...

Wolfers (2006) suggests that NCAA basketball is marred by widespread gambling corruption. We examine totals wagers in a variety of sports betting markets to determine whether observed outcomes are symmetric around closing lines, an important assumption Wolfers makes in his analysis. Our results...

Prior academic studies find that bets on underdogs persistently win more often than expected in NFL and NCAA football gambling markets. We extend this stream of literature by examining this ‘underdog bias' in the market for Arena Football League (AFL) bets, a setting in which both betting...

Wolfers (2006) suggests that NCAA basketball is marred by widespread gambling corruption. We examine totals wagers in a variety of sports betting markets to determine whether observed outcomes are symmetric around closing lines, an important assumption Wolfers makes in his analysis. Our results...

Betting market odds for Major League Baseball are used to examine the level of uncertainty of outcome, an ex-ante form of competitive balance. The efficient markets hypothesis cannot be rejected for the years 1990-2006 in Major League Baseball. Therefore, the odds provide an ex-ante measure of...