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Testing Efficiency In Nhl Betting Markets, Charles Luxton, Joshua Spizman, David Moore
Testing Efficiency In Nhl Betting Markets, Charles Luxton, Joshua Spizman, David Moore
Honors Thesis
The efficiency of markets is a prominent topic in the field of finance. Market efficiency has been thoroughly examined across many subsectors of finance; however thus far, existing research has sparsely covered the increasingly prominent sports betting market. This market is currently valued at roughly $10B per year (Grandview). In this article, we evaluate the efficiency of sports betting markets, using NHL betting lines and results from 2015-2020 to create a multivariate probit model which tests the market’s efficiency. Using a multivariate probit model to identify NHL money line bets with a relatively high probability of success compared to their …