Abstract
This paper tests the efficiency of the football betting market and develops a model of the determinants of the closing spread. The empirical results suggest that the football betting market is not perfectly efficient. The evidence also suggests that, contrary to previous studies, gamblers that do bet the long shots are acting as rational individuals attempting to maximize their return for a given level of risk. Finally, at least six variables were found to be statistically significant factors in determining closing spreads in the football betting market.
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