The Wisdom of No Crowds: The Reaction of Betting Markets to Lockdown Soccer Games

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Title: The Wisdom of No Crowds: The Reaction of Betting Markets to Lockdown Soccer Games
Authors: Hegarty, TadghWhelan, Karl
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Date: Apr-2022
Online since: 2022-06-30T15:32:32Z
Abstract: The support of home spectators is one of the contributing factors to the home advantage effect in sports matches. The Covid-19 pandemic led to European soccer matches being played without spectators. We show that betting markets adjusted swiftly to account for a reduced home advantage in both goal difference and the probability of a win. These adjustments proved accurate over a large sample of soccer matches subsequently played without spectators even though the earliest games appeared to suggest a much bigger change in home advantage.
Type of material: Working Paper
Publisher: University College Dublin. School of Economics
Start page: 1
End page: 19
Series/Report no.: UCD Centre for Economic Research Working Paper Series; WP2022/13
Copyright (published version): 2022 the Authors
Keywords: Market efficiencyHome advantageSoccerCOVID-19Coronavirus
JEL Codes: G14; L83; Z20; Z21
Language: en
Status of Item: Not peer reviewed
This item is made available under a Creative Commons License:
Appears in Collections:Economics Working Papers & Policy Papers

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