Two mechanical betting rules were applied to games in the National Football League for the 2000-2008 seasons. Wagers of $11 (to win $10) on all NFL underdogs produced a net loss of $717. When bets were limited to visiting underdogs, only $395 (or $44 per year) was lost. The results suggest that gambling on the outcome of football games can be a rewarding activity for bettors more interested in action than financial gain.
Ladd Kochman and Ken Gilliam. "Betting on Market Efficiency: A Note." New York Economic Review. vol. 41, Fall 2010, p. 57-59
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