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| Author: | Smith, M. A. Paton, D. Williams, L. V. |
| Title: | Market efficiency in person-to-person betting |
| Journal: | Economica
2006 : NOV, VOL. 73:292, p. 673-689 |
| Index terms: | competition market efficiency |
| Freeterms: | betting |
| Language: | eng |
| Abstract: | Bookmakers have claimed that person-to-person internet betting exchanges represent unfair competition. This article suggest that, in fact, betting exchanges have brought about significant efficiency gains by lowering transaction cost for consumers. This article uses data on UK horse racing from betting exchange and from traditional betting media. The results show for example that betting exchanges exhibit evidence of significantly lower market biases. |
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