Article

Information incorporation in online in-Game sports betting markets

Authors:

Sandip Debnath,

David M. Pennock,

C. Lee Giles,

Steve LawrenceAuthors Info & Claims

EC '03: Proceedings of the 4th ACM conference on Electronic commerce

Pages 258 - 259

https://doi.org/10.1145/779928.779987

Published: 09 June 2003 Publication History

Get Access

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.

References

[1]

J. M. Gandar, W. H. Dare, C. R. Brown, and R. A. Zuber. Informed traders and price variations in the betting market for professional basketball games. J. Finance, LIII(1):385--401, 1998.

Crossref

Google Scholar

[2]

D. M. Pennock, S. Debnath, E. Glover, and C. L. Giles. Modeling information incorporation in markets with application to detecting and explaining events. In Proc. of the 18th Conf. on Uncertainty in Artificial Intelligence, pages 405--411, 2002.

Digital Library

Google Scholar

[3]

C. Schmidt and A. Werwatz. How accurate do markets predict the outcome of an event? The euro 2000 soccer champioships experiment. Max planck Institute for Research into Economic Systems working paper, 2002.

Google Scholar

[4]

R. H. Thaler and W. T. Ziemba. Anomalies: Parimutuel betting markets: Racetracks and lotteries. J. Economic Perspectives, 2(2):161--174, 1988.

Crossref

Google Scholar

[5]

R. L. Winkler and A. H. Murphy. Good probability assessors. J. Applied Meteorology, 7:751--758, October 1968.

Crossref

Google Scholar

Cited By

View all

Rynarzewska A(2018)Virtual reality: a new channel in sport consumptionJournal of Research in Interactive Marketing10.1108/JRIM-02-2018-002812:4(472-488)Online publication date: 8-Oct-2018
https://doi.org/10.1108/JRIM-02-2018-0028
Carvalho A(2016)An Overview of Applications of Proper Scoring RulesDecision Analysis10.1287/deca.2016.033713:4(223-242)Online publication date: 1-Dec-2016
https://dl.acm.org/doi/10.1287/deca.2016.0337
Ahlstrom‐Vij K(2016)Information MarketsA Companion to Applied Philosophy10.1002/9781118869109.ch7(89-102)Online publication date: 7-Oct-2016
https://doi.org/10.1002/9781118869109.ch7
Show More Cited By

Index Terms

Information incorporation in online in-Game sports betting markets
1. Applied computing
  1. Law, social and behavioral sciences
    1. Economics
2. Mathematics of computing
  1. Probability and statistics

Recommendations

Three elemental game progress patterns
IScIDE'11: Proceedings of the Second Sino-foreign-interchange conference on Intelligent Science and Intelligent Data Engineering

This paper is concerned with three elemental game progress patterns. It is found that each of the three games in 2010 FIFA World Cup, Group E is a combination of the elemental progress patterns. It is confirmed that the analysed Soccer and Chess games ...
Spatio-Temporal Analysis of Team Sports

Team-based invasion sports such as football, basketball, and hockey are similar in the sense that the players are able to move freely around the playing area and that player and team performance cannot be fully analysed without considering the movements ...
A Bayesian Approach to In-Game Win Probability in Soccer
KDD '21: Proceedings of the 27th ACM SIGKDD Conference on Knowledge Discovery & Data Mining

In-game win probability models, which provide a sports team's likelihood of winning at each point in a game based on historical observations, are becoming increasingly popular. In baseball, basketball and American football, they have become important ...

Comments

Please enable JavaScript to view thecomments powered by Disqus.

Information & Contributors

Information

Published In

EC '03: Proceedings of the 4th ACM conference on Electronic commerce

June 2003

292 pages

ISBN:158113679X

DOI:10.1145/779928

General Chair:
Danny Menasce
George Mason University
,
Program Chair:
Noam Nisan
Hebrew University of Jerusalem

Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected]

Publisher

Association for Computing Machinery

New York, NY, United States

Publication History

Published: 09 June 2003

Permissions

Request permissions for this article.

Request Permissions

Check for updates

Author Tags

Qualifiers

Article

Conference

EC03

Sponsor:

EC03: The Fourth ACM Conference on Electronic Commerce

June 9 - 12, 2003

CA, San Diego, USA

Acceptance Rates

EC '03 Paper Acceptance Rate 21 of 110 submissions, 19%;

Overall Acceptance Rate 664 of 2,389 submissions, 28%

Upcoming Conference

EC '25

Sponsor:
sigecom

The 25th ACM Conference on Economics and Computation

July 7 - 11, 2025

Stanford , CA , USA

Contributors

Other Metrics

View Article Metrics

Bibliometrics & Citations

Bibliometrics

Article Metrics

22
Total Citations
View Citations
1,118
Total Downloads

Downloads (Last 12 months)9
Downloads (Last 6 weeks)2

Reflects downloads up to 02 Mar 2025

Other Metrics

View Author Metrics

Citations

Cited By

View all

Rynarzewska A(2018)Virtual reality: a new channel in sport consumptionJournal of Research in Interactive Marketing10.1108/JRIM-02-2018-002812:4(472-488)Online publication date: 8-Oct-2018
https://doi.org/10.1108/JRIM-02-2018-0028
Carvalho A(2016)An Overview of Applications of Proper Scoring RulesDecision Analysis10.1287/deca.2016.033713:4(223-242)Online publication date: 1-Dec-2016
https://dl.acm.org/doi/10.1287/deca.2016.0337
Ahlstrom‐Vij K(2016)Information MarketsA Companion to Applied Philosophy10.1002/9781118869109.ch7(89-102)Online publication date: 7-Oct-2016
https://doi.org/10.1002/9781118869109.ch7
Alberola JGarcia-Fornes A(2013)Using a case-based reasoning approach for trading in sports betting marketsApplied Intelligence10.1007/s10489-012-0381-938:3(465-477)Online publication date: 1-Apr-2013
https://dl.acm.org/doi/10.1007/s10489-012-0381-9
Chen JZheng X(2012)Price Volatility and Contract Maturity: Evidence from an Online Futures Market for Sports TicketsEastern Economic Journal10.1057/eej.2012.3540:1(56-70)Online publication date: 17-Dec-2012
https://doi.org/10.1057/eej.2012.35
Chen YDimitrov SSami RReeves DPennock DHanson RFortnow LGonen R(2010)Gaming Prediction MarketsAlgorithmica10.5555/3118755.311899858:4(930-969)Online publication date: 1-Dec-2010
https://dl.acm.org/doi/10.5555/3118755.3118998
Gao XChen Y(2010)An axiomatic characterization of continuous-outcome market makersProceedings of the 6th international conference on Internet and network economics10.5555/1940179.1940225(505-514)Online publication date: 13-Dec-2010
https://dl.acm.org/doi/10.5555/1940179.1940225
Chen YDimitrov SSami RReeves DPennock DHanson RFortnow LGonen R(2009)Gaming Prediction Markets: Equilibrium Strategies with a Market MakerAlgorithmica10.1007/s00453-009-9323-258:4(930-969)Online publication date: 28-May-2009
https://doi.org/10.1007/s00453-009-9323-2
Lin QChen Y(2009)Gaming Dynamic Parimutuel MarketsProceedings of the 5th International Workshop on Internet and Network Economics10.1007/978-3-642-10841-9_64(623-631)Online publication date: 9-Dec-2009
https://dl.acm.org/doi/10.1007/978-3-642-10841-9_64
Ryan SHamel L(2009)Using Web Text Mining to Predict Future Events: A Test of the Wisdom of Crowds HypothesisData Mining10.1007/978-1-4419-1280-0_15(335-350)Online publication date: 15-Oct-2009
https://doi.org/10.1007/978-1-4419-1280-0_15
Show More Cited By

View Options

Login options

Check if you have access through your login credentials or your institution to get full access on this article.

Full Access

Get this Publication

View options

PDF

View or Download as a PDF file.

PDF

eReader

View online with eReader.

eReader

Abstract

References

Cited By

Index Terms

Recommendations

Three elemental game progress patterns

Spatio-Temporal Analysis of Team Sports

A Bayesian Approach to In-Game Win Probability in Soccer

Comments

Information

Published In

Sponsors

Publisher

Publication History

Permissions

Check for updates

Author Tags

Qualifiers

Conference

Acceptance Rates

Upcoming Conference

Contributors

Other Metrics

Bibliometrics

Article Metrics

Other Metrics

Citations

Cited By

Login options

Full Access

View options

PDF

eReader

Share

Share this Publication link

Share on social media

Affiliations