Abstract
This paper revisits Paul et al. (2004) using a more recent data set to test for inefficiencies in the totals market for NBA games. Using data from the 1995-96 to 2001-02 seasons, Paul et al. (2004) found the market as a whole to be efficient, but that this was not the case for bets on the highest of point totals. Using data from the 2012-13 to 2018-19 seasons reveals a market that is more efficient than that of their earlier work, as the null hypothesis of a fair bet is not rejected for the higher totals. However, winning percentages in excess of 52.4 % were found further in the upper tail of the distribution of points totals relative to the earlier period.
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