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See, for example, Terrell and Farmer (1996) Terrell, D. and Farmer, A. 1996. Optimum betting and effectivity in parimutuel betting markets. This paper evaluates weak type effectivity of on-line sport betting markets from statistical and financial perspectives. For financial weak type efficiency, I exploit tobit mannequin and odds groupings to analyze whether returns of using simple unit betting technique yield systematically non-positive returns. I focus my examine on Finnish main football league Veikkausliiga examining 1394 matches played between seasons 2012 and
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