Information incorporation in online in-Game sports betting markets

Authors:
Sandip Debnath;David M. Pennock;C. Lee Giles;Steve Lawrence
Affiliations:
Pennsylvania State University, University Park, PA;Overture Services, Inc., Pasadena, CA and NEC Laboratories America, Inc., Princeton, NJ;Pennsylvania State University, University Park, PA and NEC Laboratories America, Inc., Princeton, NJ;NEC Laboratories America, Inc., Princeton, NJ
Venue:
Proceedings of the 4th ACM conference on Electronic commerce
Year:
2003

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Abstract

We analyze data from $52$ online in-game sports betting markets (where betting is allowed continuously throughout a game), including 34 markets based on soccer (European football) games from the 2002 World Cup, and 18 basketball games from the 2002 USA National Basketball Association (NBA) championship. We show that prices on average approach the correct outcome over time, and the price dynamics in the markets are closely coupled with game events, agreeing with efficient market assumptions. We also examine qualitative distinctions between the two types of games.