Abstract
Previous studies of the National Hockey League (NHL) betting market claim a general movement towards efficiency over the last two decades. These studies, however, assume a homogenous betting market with regards to the time of year in which bets are placed. Differences in available information—information effects—have been shown to distort the Major League Baseball betting market; they produce similar distortions when considered in the NHL market as well. As such, previous claims of market efficiency must be revisited in light of heterogeneous information.
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