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| Tekijä: | Papachristou, G. Karamanis, D. |
| Otsikko: | Investigating efficiency in betting markets: Evidence from the Greek 6/49 Lotto |
| Lehti: | Journal of Banking and Finance
1998 : DEC, VOL. 22:12, p. 1597-1615 |
| Asiasana: | Markets Efficiency Gambling industry Greece |
| Kieli: | eng |
| Tiivistelmä: | In the paper, the existence of profit opportunities is investigated in the Greek market for the 6/49 Lotto. Under the assumption of random number selection evidence is found suggesting that the market is efficient. Because number selection is found to deviate from randomness, it is further investigated 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. |
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