The reverse favorite--longshot bias in the National Hockey League: Do bettors still score on longshots?
Accounting and Finance
Sports betting and racetrack markets continue to be utilized by academic researchers to provide insights into theories relating to more complex speculative markets. Previous investigations have focused on testing the efficient markets hypotheses and behavioral biases of the participants. This paper investigates the market efficiency of the National Hockey League (NHL) goal totals over/under betting market. The market is found to be inefficient and simple wagering strategies are identified that result in profitable returns.
Woodland, L. M., & Woodland, B. M. (2011). The reverse favorite--longshot bias in the National Hockey League: Do bettors still score on longshots? Journal of Sports Economics, 12(1), 106–117. doi:10.1177/1527002510368792