Why are Gambling Markets Organised so Differently from Financial Markets?
利用独特数据集，发现体育博彩中庄家通过公告价格并利用自身预测优势系统性地利用投注者偏差，从而获得比传统金融市场更高的利润。
The market for sports gambling is structured very differently from the typical financial market. In sports betting, bookmakers announce a price, after which adjustments are small and infrequent. Bookmakers do not play the traditional role of market makers matching buyers and sellers but, rather, take large positions with respect to the outcome of game. Using a unique data set, I demonstrate that this peculiar price‐setting mechanism allows bookmakers to achieve substantially higher profits. Bookmakers are more skilled at predicting the outcomes of games than bettors and systematically exploit bettor biases by choosing prices that deviate from the market clearing price.