Braun, Sebastian; Kvasnicka, Michael - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2008
This paper studies how national sentiment in the form of either a perception or a loyalty bias of bettors may affect … profitably exploited by bookmakers by way of price adjustment (odds shading). The former bias induces bookmakers to shade odds … against the domestic team, the latter to adjust them in a way that depends on the demand elasticity of bettors for their …