Investigating efficiency in betting markets: Evidence from the Greek 6/49 Lotto
In this paper we investigate the existence of profit opportunities in the Greek market for the 6/49 Lotto. Under the assumption of random number selection we find evidence suggesting that the market is efficient. Because number selection is found to deviate from randomness, we further investigate th...
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| Veröffentlicht in: | Journal of banking & finance 1998-12, Vol.22 (12), p.1597-1615 |
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| container_title | Journal of banking & finance |
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| creator | Papachristou, George Karamanis, Dimitri |
| description | In this paper we investigate the existence of profit opportunities in the Greek market for the 6/49 Lotto. Under the assumption of random number selection we find evidence suggesting that the market is efficient. Because number selection is found to deviate from randomness, we further investigate the existence of profit opportunities due to number unpopularity. The evidence suggests that although unpopular numbers exist, they are not sufficiently unpopular so as to generate positive expected payoffs. |
| doi_str_mv | 10.1016/S0378-4266(98)00071-5 |
| format | Article |
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Under the assumption of random number selection we find evidence suggesting that the market is efficient. Because number selection is found to deviate from randomness, we further investigate the existence of profit opportunities due to number unpopularity. The evidence suggests that although unpopular numbers exist, they are not sufficiently unpopular so as to generate positive expected payoffs.</description><subject>Betting markets</subject><subject>Efficient markets</subject><subject>Gambling</subject><subject>Lotteries</subject><subject>Lotto</subject><subject>Market efficiency</subject><subject>Numbers</subject><subject>Profitability</subject><subject>Regression analysis</subject><subject>Studies</subject><issn>0378-4266</issn><issn>1872-6372</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>1998</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><recordid>eNqFkEtPxCAUhYnRxPHxE0yIK11UuVBKcWOM8ZWMcaGuCS0XZXTakeIk8--lM8atC-Dmcs6B-xFyBOwMGFTnz0youih5VZ3o-pQxpqCQW2QCteJFJRTfJpM_yS7ZG4ZZFrEaxIQ8PXRLHFJ4syl0bxS9D23Arl3R0NEG07o7t_ED03BBb5bB5UukPvZzmt6R3kXED1qdl5pO-5T6A7Lj7eeAh7_nPnm9vXm5vi-mT3cP11fToi1rlQp0Zas0r5WD1mPDLJTAKmCKgeOoUArHpPSuqcG60lvhRdkIUEJrJ5nnYp8cb3IXsf_6zhOYWf8du_ykAV1q4IqLLJIbURv7YYjozSKGPMzKADMjOrNGZ0YuRtdmjc7I7Hvc-CIusP0zIeKs8aGzZmmE5Txvq7xAZ6uwYSzH3mIspFYGKpDmPc1z3uUmDzORZcBohjVkdCFim4zrwz8_-gGoO45L</recordid><startdate>19981201</startdate><enddate>19981201</enddate><creator>Papachristou, George</creator><creator>Karamanis, Dimitri</creator><general>Elsevier B.V</general><general>Elsevier</general><general>Elsevier Sequoia S.A</general><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>19981201</creationdate><title>Investigating efficiency in betting markets: Evidence from the Greek 6/49 Lotto</title><author>Papachristou, George ; Karamanis, Dimitri</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c487t-ed4c79287d1cfeb0a1410610701d2e7e53d055fdb81ad4fa3f34b317399d50f23</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>1998</creationdate><topic>Betting markets</topic><topic>Efficient markets</topic><topic>Gambling</topic><topic>Lotteries</topic><topic>Lotto</topic><topic>Market efficiency</topic><topic>Numbers</topic><topic>Profitability</topic><topic>Regression analysis</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Papachristou, George</creatorcontrib><creatorcontrib>Karamanis, Dimitri</creatorcontrib><collection>RePEc IDEAS</collection><collection>RePEc</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of banking & finance</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Papachristou, George</au><au>Karamanis, Dimitri</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Investigating efficiency in betting markets: Evidence from the Greek 6/49 Lotto</atitle><jtitle>Journal of banking & finance</jtitle><date>1998-12-01</date><risdate>1998</risdate><volume>22</volume><issue>12</issue><spage>1597</spage><epage>1615</epage><pages>1597-1615</pages><issn>0378-4266</issn><eissn>1872-6372</eissn><coden>JBFIDO</coden><abstract>In this paper we investigate the existence of profit opportunities in the Greek market for the 6/49 Lotto. 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| ispartof | Journal of banking & finance, 1998-12, Vol.22 (12), p.1597-1615 |
| issn | 0378-4266 1872-6372 |
| language | eng |
| recordid | cdi_proquest_journals_194912723 |
| source | ScienceDirect; RePEc |
| subjects | Betting markets Efficient markets Gambling Lotteries Lotto Market efficiency Numbers Profitability Regression analysis Studies |
| title | Investigating efficiency in betting markets: Evidence from the Greek 6/49 Lotto |
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