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Article
Publication date: 3 September 2021

Alexandros Kalaitzakis, Petros Lois and Spyros Repousis

The purpose of this study is to empirically examine the efficiency of Greek fixed-odds (offline) betting market as offered by OPAP for the period 2016–2019.

Abstract

Purpose

The purpose of this study is to empirically examine the efficiency of Greek fixed-odds (offline) betting market as offered by OPAP for the period 2016–2019.

Design/methodology/approach

Using a four-year data sample of OPAP's opening and closing odds for football matches from all over the world and applying linear probability and probit models, the market efficiency is examined and the existence of possible anomalies is investigated.

Findings

The main findings of research suggest that although the odds are dominated primarily by favorite-longshot bias and secondarily by draw bias, this mispricing cannot prove profitable. However, the opening odds, the margin levels and the market structure provide information that is not fully captured by the closing odds, giving bettors profit opportunities. Thus, findings show that the semi-strong market efficiency is questionable. Finally, competition reduces commissions leading to more efficient odds.

Practical implications

The conclusions of this study are useful for football betting market and, particularly, for government authorities, bookmakers and bettors. Findings can be extended in future research to prediction tasks.

Originality/value

To the best of the authors’ knowledge, this is the first study about the Greek football betting market. The contribution to the literature lies on the one hand in the examination of a monopolistic land-based betting market, which is being squeezed and threatened by the more competitive online betting market, and on the other hand in the simultaneous examination of the opening and closing odds.

Details

EuroMed Journal of Business, vol. 17 no. 4
Type: Research Article
ISSN: 1450-2194

Keywords

Article
Publication date: 12 September 2016

Rodney Paul, Colby Conetta and Jeremy Losak

The purpose of this paper is to use financial market prices formed in betting markets as a measure of uncertainty of outcome and other factors as it relates to hockey attendance…

Abstract

Purpose

The purpose of this paper is to use financial market prices formed in betting markets as a measure of uncertainty of outcome and other factors as it relates to hockey attendance in three top European leagues, the KHL, SHL, and Liiga. This is the first study of European hockey to use betting market odds to estimate the impact of home team win probability and uncertainty of outcome on attendance.

Design/methodology/approach

The design of this study is a multivariate regression model with log of attendance and percentage of arena capacity as dependent variables in two separate regressions. Controlling for other factors, the role of the home team win probability and its square are explored for individual game attendance.

Findings

Fans of the KHL and SHL are found to prefer to see their home team win, but also exhibit strong preferences for uncertainty of outcome. Fans of Liiga prefer to see the home team win, but do not exhibit as strong a preference for uncertainty of outcome. This differs from recent findings in the sport of baseball and from previous findings for the NHL.

Practical implications

Having a competitive league is not only important for television ratings, but also for in-person attendance in these European hockey leagues. Importance of uncertainty of outcome varies across leagues.

Originality/value

The paper uses financial market prices, betting market odds, as a measure of game expectations (home team win probability) and uncertainty of outcome and applies it to a new setting for three of the top European hockey leagues. The findings illustrate that uncertainty of outcome is important for the KHL and SHL, but statistically insignificant for Liiga.

Details

Managerial Finance, vol. 42 no. 9
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 1 February 1993

Peter Jones

Provides a case study of the changing service experience in theUK′s betting shops. Outlines the basic elements in the serviceexperience and examines the changes in both the…

Abstract

Provides a case study of the changing service experience in the UK′s betting shops. Outlines the basic elements in the service experience and examines the changes in both the facilities and quality of betting shop environments and in the interpersonal components of the service encounter.

Details

International Journal of Retail & Distribution Management, vol. 21 no. 2
Type: Research Article
ISSN: 0959-0552

Keywords

Book part
Publication date: 17 November 2023

Bram Constandt

Sports betting has become more prevalent, visible and socially accepted in Western liberal societies than ever before. This normalisation of gambling on sports has been fuelled by…

Abstract

Sports betting has become more prevalent, visible and socially accepted in Western liberal societies than ever before. This normalisation of gambling on sports has been fuelled by deregulation, the omnipresence of advertising and the growing dependency of elite sports on sponsorship revenue streams from the gambling industry. That said, much remains to be uncovered about the mechanisms through which this normalisation of gambling occurs in sports. This chapter focuses on the role of sports clubs in Belgium and the Netherlands, drawing on empirical insights from two related studies that examine the oft-neglected salience of integrity as a key factor shaping gambling-related policy and practice at the organisational level. This sets the stage for a critical research agenda that can support the denormalisation of gambling, and the deconstruction of dominant discourses that frame sports betting as a fun, risk-free social practice.

Details

Gambling and Sports in a Global Age
Type: Book
ISBN: 978-1-80117-304-9

Keywords

Expert briefing
Publication date: 15 November 2022

The outcome has dashed gaming industry hopes that California, the most populous US state, would join more than 35 others that have legalised sports betting since a 2018 Supreme…

Details

DOI: 10.1108/OXAN-DB274026

ISSN: 2633-304X

Keywords

Geographic
Topical
Article
Publication date: 6 June 2016

Yean-Fu Wen, Ko-Yu Hung, Yi-Ting Hwang and Yeong-Sung Frank Lin

The purpose of this paper is to establish a social-network sp.orts lottery system to support users in predicting and simulating sports lottery betting. The community data were…

Abstract

Purpose

The purpose of this paper is to establish a social-network sp.orts lottery system to support users in predicting and simulating sports lottery betting. The community data were generated to support user decision and featured instant game records and odds data synchronisation. Furthermore, the next development cycle were evaluated through a questionnaire.

Design/methodology/approach

An extended prototype website development methodology was applied to develop the system. An online sample was collected to evaluate the function, interface, operation, and prediction designs. The χ2 test and variance analysis were used to determine the association between facets and basic demographics. Finally, the regression model was used to identify the potentially essential predictors that influence the measurement facets.

Findings

The high frequency of Facebook users, sports lottery purchases, and sports game viewers prefer the ability to predict the results of future sports games as advanced decision-making functions. However, the agent-based virtual gift presentation function was the least preferred function.

Research limitations/implications

The study sample was limited only to users: who used PTT and Facebook; were of uneven age, education, and gender; and none segment groups. The study sample primarily comprised Taiwanese respondents. These differences might influence the practicality and prediction bias of the designed website and related models.

Practical implications

The proposed method integrates social-network messages with real-time data access by using APIs, crawler schemes, and prediction mechanisms that enable developers to devise strategies for obtaining high system satisfaction. The system can be improved by adding the results of future sports games and excluding authorised Facebook message posts.

Originality/value

A social-network-based sports lottery and prediction prototyping website was evaluated through a user-preference survey regarding design functions. The measurement results indicated that users share their opinions, predictions, and personal betting results and interact with their friends.

Details

Internet Research, vol. 26 no. 3
Type: Research Article
ISSN: 1066-2243

Keywords

Content available
Book part
Publication date: 17 November 2023

Abstract

Details

Gambling and Sports in a Global Age
Type: Book
ISBN: 978-1-80117-304-9

Expert briefing
Publication date: 27 January 2022

Since the Supreme Court struck down a federal ban on sports gambling in 2018, state governments have been moving to legalise online sports betting in their jurisdictions in hopes…

Details

DOI: 10.1108/OXAN-DB266920

ISSN: 2633-304X

Keywords

Geographic
Topical
Article
Publication date: 3 September 2019

Corey A. Shank

This paper aims to examine market inefficiencies in the National Football League (NFL) betting market from the 2003 season to the 2016 season.

Abstract

Purpose

This paper aims to examine market inefficiencies in the National Football League (NFL) betting market from the 2003 season to the 2016 season.

Design/methodology/approach

The author examines the impact that division rivals and previously known determinants of inefficiencies have on the current NFL gambling market.

Findings

The results show that games against division rivals have a lower chance of the home team covering the spread and the chance the game will result in an over. This result demonstrates that the sportsbooks underestimate the familiarity that teams have with each other’s players, coaches and tendencies from playing each other twice per year. Moreover, using this result in conjunction with previous known inefficiencies, the author puts forth a model to test out of sample predictions. The results from these tests show profitable strategies in the point spread and totals market with a win rate of nearly 57 per cent.

Originality/value

Overall, this paper demonstrates inefficiencies in the NFL betting market that future bettors may be able to take advantage of.

Details

Studies in Economics and Finance, vol. 36 no. 3
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 6 December 2021

Brendan Dwyer, Ted Hayduk and Joris Drayer

The purpose of the study was to explore differences in demographic, self-concept and fan behavior factors that predict sports fans who bet and those who do not in legal and…

Abstract

Purpose

The purpose of the study was to explore differences in demographic, self-concept and fan behavior factors that predict sports fans who bet and those who do not in legal and illegal gambling jurisdictions in the United States (US).

Design/methodology/approach

Seven hundred and eighty-nine sports fans and bettors from 47 states were surveyed through a partnership with a major media provider in the US. A number of demographic items, theoretically defined factors and fan behaviors were measured, and several two-way MANOVAs with interaction effects were conducted to determine differences between those who gamble and those who do not in legal and illegal jurisdictions.

Findings

Statistically significant differences between those who bet and those who do not were found. Bettors look different and come from different backgrounds and locations. Psychographically, they were clearly more narcissistic. They also indicated a higher social identity and self-worth, yet perceived themselves as less worthy members of important social institutions. In general, sports bettors out consumed non-bettors as it relates sports spectatorship. In terms of differences between the groups across legal and illegal states, only a few factors were impacted. Self-worth and personal identity were factors that were found to be different between groups and jurisdictions as well as DFS participation.

Originality/value

The US sports gambling market is expected to grow US$6.5 billion in the next five years, yet very little is known, psychographically, about the US sports bettor. Sports gambling research, especially from a marketing perspective, has primarily been limited to Australia and the United Kingdom. This paper contributes to what we know about sports gambling and the emerging US market. In particular, the results uncovered fundamental trait, demographic and behavioral differences between US sports fans and sports bettors. The findings also provide similar foundational differences and similarities between those who bet in states with legal and illegal gambling.

Details

International Journal of Sports Marketing and Sponsorship, vol. 23 no. 4
Type: Research Article
ISSN: 1464-6668

Keywords

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