Leighton Vaughan Williams

Leighton Vaughan Williams is Head of Economics Research and Reader in Economics and Finance at Nottingham Trent University. He is also Director of the Betting Research Unit at Nottingham Trent, and Director and Organiser of a series of international conferences on Money, Investment and Risk.

Papers Published in World Economics:

Can Bettors Win?

In this paper, a survey is undertaken of studies that examines the extent to which systematic patterns of behaviour in betting markets can generate above-average or even abnormal returns, the latter being most conveniently defined for these purposes as a profit. The paper concludes that although betting markets do tend to process efficiently the information available to them, there are clear opportunities to earn above-average returns. Moreover, there is significant evidence that some bettors are able to profit by withholding and subsequently utilising superior information.

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