Information incorporation in online in-Game sports betting markets

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Information incorporation in online in-Game sports betting markets

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Electronic Commerce archive
Proceedings of the 4th ACM conference on Electronic commerce table of contents

San Diego, CA, USA

POSTER SESSION: Poster paper sessions table of contents

Pages: 258 - 259

Year of Publication: 2003

ISBN:1-58113-679-X

Authors

Sandip Debnath	Pennsylvania State University, University Park, PA
David M. Pennock	Overture Services, Inc., Pasadena, CA and NEC Laboratories America, Inc., Princeton, NJ
C. Lee Giles	Pennsylvania State University, University Park, PA and NEC Laboratories America, Inc., Princeton, NJ
Steve Lawrence	NEC Laboratories America, Inc., Princeton, NJ

Sponsors

ACM: Association for Computing Machinery
SIGEcom: ACM Special Interest Group on Electronic Commerce

Publisher

ACM New York, NY, USA

Bibliometrics

Downloads (6 Weeks): 8, Downloads (12 Months): 60, Citation Count: 7

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abstract references cited by index terms collaborative colleagues

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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

Note: OCR errors may be found in this Reference List extracted from the full text article. ACM has opted to expose the complete List rather than only correct and linked 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.
	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.
	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.
	4	R. H. Thaler and W. T. Ziemba. Anomalies: Parimutuel betting markets: Racetracks and lotteries. J. Economic Perspectives, 2(2):161--174, 1988.
	5	R. L. Winkler and A. H. Murphy. Good probability assessors. J. Applied Meteorology, 7:751--758, October 1968.

CITED BY 7

	David M. Pennock, A dynamic pari-mutuel market for hedging, wagering, and information aggregation, Proceedings of the 5th ACM conference on Electronic commerce, May 17-20, 2004, New York, NY, USA
	Lance Fortnow , Joe Kilian , David M. Pennock , Michael P. Wellman, Betting boolean-style: a framework for trading in securities based on logical formulas, Proceedings of the 4th ACM conference on Electronic commerce, p.144-155, June 09-12, 2003, San Diego, CA, USA
	Lance Fortnow , Joe Kilian , David M. Pennock , Michael P. Wellman, Betting Boolean-style: a framework for trading in securities based on logical formulas, Decision Support Systems, v.39 n.1, p.87-104, March 2005
	Joan Feigenbaum , Lance Fortnow , David M. Pennock , Rahul Sami, Computation in a distributed information market, Proceedings of the 4th ACM conference on Electronic commerce, p.156-165, June 09-12, 2003, San Diego, CA, USA
	Joan Feigenbaum , Lance Fortnow , David M. Pennock , Rahul Sami, Computation in a distributed information market, Theoretical Computer Science, v.343 n.1-2, p.114-132, 10 October 2005
	Evdokia Nikolova , Rahul Sami, A strategic model for information markets, Proceedings of the 8th ACM conference on Electronic commerce, June 11-15, 2007, San Diego, California, USA
	Yiling Chen , Tracy Mullen , Chao-Hsien Chu, An in-depth analysis of information markets with aggregate uncertainty, Electronic Commerce Research, v.6 n.2, p.201-221, April 2006