A recent article on line changes in the point spread betting market for National Basketball Association games found evidence that trading incorporates information into price. This article examines a closely related but previously unexamined betting market—the betting market for the total...

The authors develop a model to investigate potential biases of inherent characteristics in betting markets. The test requires only that there be both a sides (“spreadâ€) market and a totals (“over/underâ€) market for the game. The authors utilize the model to test for the...