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Parimutuel Betting on the eSports Duels: Reverse Favourite-Longshot Bias and its Determinants
| Content Provider | Semantic Scholar |
|---|---|
| Author | Dmitry, Dagaev Stoyan, E. |
| Copyright Year | 2019 |
| Abstract | We analyse betting behaviour patterns of the visitors of the specialized betting website dedicated to the popular eSports game Counter-Strike: Global O ensive. The reverse favourite-longshot bias is found both in the in-sample and out-of-sample datasets. This phenomenon is rather unusual for parimutuel betting markets because favourite-longshot bias is more common. We de ne simple betting strategies based on the bets on underdogs and show that these strategies make a suciently large positive pro t, which is a sign of market ineciency. Next, we investigate determinants of the reverse favourite-longshot bias. We hypothesize that popular teams attract more unsophisticated gamblers which adds to the stronger reverse favourite-longshot bias in matches with such teams. Geographical proximity is found to be a signi cant factor that increases the bias, whereas the e ect of internet popularity measured by the number of team players' followers on Twitter surprisingly follows the U-shape curve |
| File Format | PDF HTM / HTML |
| DOI | 10.2139/ssrn.3410961 |
| Alternate Webpage(s) | https://wp.hse.ru/data/2019/06/26/1490722922/216EC2019.pdf |
| Alternate Webpage(s) | https://doi.org/10.2139/ssrn.3410961 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
