Evidence of bettors’ belief in the “Hot Hand” -- bettors believing teams on winning streaks will continue winning -- exists in the NBA but not the NFL. Previous research assumed that book makers set point spreads to balance betting on games. Recent research shows imbalanced betting in most...

There is a wide literature on sports betting markets, a literature that examines the informational efficiency of these markets and uses them as laboratories to test for possible impacts of psychological factors on financial markets. The innovation of this study is the examination of price...

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...

The German sport betting market has traditionally been subjected to a strict regulation. The legal framework valid until the end of 2011 is defined by a state treaty between the federal government and the 16 states (Glücksspielstaatsvertrag), which only allows the public company Oddset to...