Advanced Search

Journal Navigation

Journal Home

Subscriptions

Archive

Contact Us

Table of Contents

Click here to sign up for SAGE Journal Email Alerts today!

Sign In to gain access to subscriptions and/or personal tools.
Journal of Sports Economics
This Article
Right arrow Full Text (PDF)
Right arrow Full Text (OnlineFirst PDF)
Right arrow References
Right arrow Alert me when this article is cited
Right arrow Alert me if a correction is posted
Services
Right arrow Email this article to a friend
Right arrow Similar articles in this journal
Right arrow Alert me to new issues of the journal
Right arrow Add to Saved Citations
Right arrow Download to citation manager
Right arrowRequest Permissions
Right arrow Request Reprints
Right arrow Add to My Marked Citations
Citing Articles
Right arrow Citing Articles via Google Scholar
Right arrow Citing Articles via Scopus
Google Scholar
Right arrow Articles by Gandar, J. M.
Right arrow Articles by Johnson, R. S.
Right arrow Search for Related Content
Social Bookmarking
Add to CiteULike   Add to Complore   Add to Connotea   Add to Del.icio.us   Add to Digg   Add to Reddit   Add to Technorati   Add to Twitter  
What's this?

A Reexamination of the Efficiency of the Betting Market on National Hockey League Games

John M. Gandar

Richard A. Zuber

University of North Carolina at Charlotte

R. Stafford Johnson

Xavier University

A recent paper byWoodland andWoodland examines the efficiency of odds betting on professional hockey games, finding that actual returns on underdog bets consistently exceed expected returns and evidence of a reverse favorite-longshot bias. This article corrects the Woodland and Woodland calculation of bookmaker commissions for unchanged money lines. The authors’ revision substantially lowers the commission and thus is potentially important for tests of efficiency. The article also examines the impact of changes in money lines, which further reduce commissions but raise actual returns. The impact of these revisions on tests of efficiency is examined using the Woodland and Woodland sample. In general, the authors show that their revised no line change test statistic is a more stringent test of efficiency than either the Woodland andWoodland test statistic or any reasonable line change test statistic. However, the authors’ revised test statistics continue to find the inefficiency documented by Woodland and Woodland.

Key Words: market efficiency • National Hockey League • odds betting • sports economics

Journal of Sports Economics, Vol. 5, No. 2, 152-168 (2004)
DOI: 10.1177/1527002503257208
Add to CiteULike CiteULike   Add to Complore Complore   Add to Connotea Connotea   Add to Del.icio.us Del.icio.us   Add to Digg Digg   Add to Reddit Reddit   Add to Technorati Technorati   Add to Twitter Twitter    What's this?