Whelan, KarlKarlWhelanHegarty, TadghTadghHegarty2023-05-032023-05-032023 the A2023-02202305http://hdl.handle.net/10197/24383We compare the properties of betting market odds set in two distinct markets for a large sample of European soccer matches. We confirm inefficiencies in the traditional market for bets on a home win, an away win or a draw as found in previous studies such as Angelini and De Angelis (2019), in particular that there is a strong pattern of favourite-longshot bias. Conversely, we document how a betting market that has emerged in recent years, the Asian handicap market, can generate efficient forecasts for the same set of matches using a new methodology for mapping its odds into probabilities.enSports forecastingBetting marketsMarket efficiencyAsian handicapG14L83Z20Z21Working Paper130https://creativecommons.org/licenses/by-nc-nd/3.0/ie/