The Research on the Efficiency of Online Bookmakers’ Market in Poland

Sebastian Majewski

Abstract


The article is the short case study on the information efficiency of bookmakers’ market in Poland. The author was focused on the three most popular sport leagues: football (soccer), volleyball and handball. Considering the fact that betting odds in sport are very popular kind of investment, the author tried to find an answer to the following questions: is it the real possibility to influence the betting odds or how significant the knowledge is in the process of making decisions on this market? The part of the research is focused on the Ekstraklasa league matches.


Keywords


market efficiency; bookmakers market; sport economics

Full Text:

PDF (Język Polski)

References


Ayton P., How to Be Incoherent and Seductive: Bookmakers’ Odds and Support Theory, “Organizational Behavior and Human Decision Processes” 1997, Vol. 72, No. 1, DOI: https://doi.org/10.1006/obhd.1997.2732.

Bernstein P., Przeciw bogom. Niezwykłe dzieje ryzyka, WIG Press, Warszawa 1997.

Bolton R.N., Chapman R.G., Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races, “Management Science” 1986, Vol. 32, DOI: https://doi.org/10.1287/mnsc.32.8.1040.

Czekaj J., Woś M., Żarnowski J., Efektywność giełdowego rynku akcji w Polsce, Wydawnictwo Naukowe PWN, Warszawa 2001.

Demir E., Danis H., Rigorni U., Is the Soccer Betting Market Efficient? A Cross-county Investigation Using Fibonacci Strategy, “Journal of Gambling Business and Economics” 2012, Vol. 6, No. 2.

Fama E., Efficient Capital Markets: A Review of Theory and Empirical Work, “Journal of Finance” 1970, No. 25.

Forrest D., Simmons R., Forecasting Sport: The Behavior and Performance of Football Tipsters, “International Journal of Forecasting” 2000, No. 16.

Goddard J., Efficiency of Soccer Betting Markets, [w:] Oxford Handbook of the Economics of Gambling, ed. L. Vaughan-Williams, D. Siegel, Oxford 2013.

Goddard J., Asimakopoulos I., Forecasting Football Results and the Efficiency Of Fixed-odds Betting, “Journal of Forecasting” 2004, No. 23.

Jędraszka A., Zatoń M., Giełdy zakładów sportowych jako alternatywne źródło inwestycji, „Studia i Prace Kolegium Zarządzania i Finansów SGH” 2011, z. 106.

Levitt S., Why Are Gambling Markets Organized So Differently from Financial Markets?, “Economic Journal” 2004, No. 114.

Majewski S., The Efficiency of Bookmakers’ Market in Poland, „Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu” 2014, nr 381.

Page L., Is There an Optimistic Bias on Betting Markets?, “Economic Letters” 2009, No. 102.

Palomino F., Rennenboog L., Zhang C., Information Salience, Investor Sentiment, and Stock Returns: The Case of British Soccer Betting, “Journal of Corporate Finance” 2009, No. 15.

Pankoff L.D., Market Efficiency and Football Betting, “Journal of Business” 1968, Vol. 41, No. 2, DOI: https://doi.org/10.1086/295077.

Papla D., Zmiany poziomu słabej efektywności Giełdy Papierów Wartościowych w Warszawie w latach 1991–2001, UMK, Toruń 2001.

Sponsoring Monitor 2014. Raport roczny, ARC Rynek i Opinia, styczeń 2015.

Stekler H.O., Sendor D., Verlander R., Issues in Sports Forecasting, “International Journal of Forecasting” 2010, No. 26.

Tarczyński W., Efektywność działania Giełdy Papierów Wartościowych w Warszawie, „Ekonomista” 1997, nr 3.

Thaler R., Ziemba W., Parimutuel Betting Markets: Racetracks and Lotteries, “Journal of Economic Perspectives” 1988, No. 2.

Verheyden T., Moor L. De, Bossche F. Van den, A Tale of Market Efficiency, “Hub Research Papers. Economics & Business Science” 2013/05, April.

Vlastakis N., Dotsis G., Markellos R., How Efficient is European Football Betting Market? Evidence from Arbitrage and Trading Strategies, “Journal of Forecasting” 2009, No. 28.

Williams L.V., Information Efficiency in Betting Markets: A Survey, “Bulletin of Economic Research” 1999, Vol. 51:1, DOI: https://doi.org/10.1111/1467-8586.00069.




DOI: http://dx.doi.org/10.17951/h.2017.51.1.51
Date of publication: 2017-05-04 19:08:10
Date of submission: 2016-11-02 13:03:19


Statistics


Total abstract view - 1124
Downloads (from 2020-06-17) - PDF (Język Polski) - 0

Indicators



Refbacks

  • There are currently no refbacks.


Copyright (c) 2017 Sebastian Majewski

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.