Introduction – 1. Gambling markets in the EU - An overview – 2. The Liga Portuguesa decision – 3. Some considerations from an economist’s point of view

Unlike the existing literature on sports betting, which concentrates on arbitrage within a single market, this paper examines inter-market arbitrage by searching for arbitrage opportunities through combining bets at the bookmaker and the exchange market. Using the posted odds of eight different...

Sport betting is in Germany, like other public lotteries, strictly regulated as a state monopoly. This state monopoly has been declared as an illegitimate fiscal monopoly by the German Supreme Court (Bundesverfassungsgericht) in March 2006. Following this sentence, a state monopoly in future has...

We develop evidence of bettors with sentiment bias in the betting market on National Basketball Association (NBA) games. We use novel measures of team popularity, arena capacity-utilization and team all star votes received, as proxies for the presence of biased investors. Analysis of point...

Previous research using attendance-based proxies for the number of investors with sentiment bias supported the presence of investor sentiment in sports betting markets. We use data from social media (Facebook \Likes") to proxy for participants with investor sentiment and analyze variation in...

This paper examines the efficiency of the two major Australian football betting markets: the Australian Rugby League (ARL) FootyTAB market and the Australian Football League (AFL) Footywin market. Probit and ordered probit models are tailored to the unique structures of the markets. This...

A structural model is derived describing the relationship between the probability that the favored team is victorious and the point spread through the use of a "no-arbitrage'' condition. A series of probit models are developed that show that NFL wagering markets were efficient within season...