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Title: Can Bettors Win?: A perspective on the economics of betting
Author: Leighton Vaughan Williams
Published: March 2001
Pages: 31-48
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In this paper, a survey is undertaken of studies that examines the extent to which systematic patterns of behaviour in betting markets can generate above-average or even abnormal returns, the latter being most conveniently defined for these purposes as a profit. The paper concludes that although betting markets do tend to process efficiently the information available to them, there are clear opportunities to earn above-average returns. Moreover, there is significant evidence that some bettors are able to profit by withholding and subsequently utilising superior information.

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