Market efficiency and the Greek fixed-odds betting market

Alexandros Kalaitzakis, Petros Lois, Spyros Repousis

Research output: Contribution to journalArticlepeer-review


Purpose: The purpose of this study is to empirically examine the efficiency of Greek fixed-odds (offline) betting market as offered by OPAP for the period 2016–2019. Design/methodology/approach: Using a four-year data sample of OPAP's opening and closing odds for football matches from all over the world and applying linear probability and probit models, the market efficiency is examined and the existence of possible anomalies is investigated. Findings: The main findings of research suggest that although the odds are dominated primarily by favorite-longshot bias and secondarily by draw bias, this mispricing cannot prove profitable. However, the opening odds, the margin levels and the market structure provide information that is not fully captured by the closing odds, giving bettors profit opportunities. Thus, findings show that the semi-strong market efficiency is questionable. Finally, competition reduces commissions leading to more efficient odds. Practical implications: The conclusions of this study are useful for football betting market and, particularly, for government authorities, bookmakers and bettors. Findings can be extended in future research to prediction tasks. Originality/value: To the best of the authors’ knowledge, this is the first study about the Greek football betting market. The contribution to the literature lies on the one hand in the examination of a monopolistic land-based betting market, which is being squeezed and threatened by the more competitive online betting market, and on the other hand in the simultaneous examination of the opening and closing odds.

Original languageEnglish
JournalEuroMed Journal of Business
Publication statusAccepted/In press - 2021


  • Arbitrage
  • Betting market efficiency
  • Draw bias
  • Favorite-longshot bias
  • OPAP
  • Prediction markets
  • Sentiment


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