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Autor:innen: 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
Tinbergen Institute Discussion Paper No. TI 2025-015/V
Verlag: 
Tinbergen Institute, Amsterdam and Rotterdam
Zusammenfassung: 
While sports betting markets share similarities with traditional financial markets, they are more accessible for empirical research thanks to availability of high-quality data, straightforward betting procedures, and the finite duration of events. As a result, they are often analyzed for market efficiency and serve as a field laboratory for studying financial markets. This study examines 24 seasons of English Premier League matches, revealing consistent non-transitive patterns in match outcomes among various triads (groups of three clubs). These empirical findings are difficult to rationalize and represent a notable anomaly. Bookmakers ignore the non-transitive patterns when setting odds. Faced with a trade-off between efficiency using historical information and maintaining consistency, they prioritize consistency.
Schlagwörter: 
Market efficiency
Sports betting
Non-transitivity
Football
English Premier League
JEL: 
C25
D01
Z2
Dokumentart: 
Working Paper
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