Testing efficiency in the major league of baseball sports betting market

This paper describes how for a range of betting tactics the sports betting market of the major league of baseball is quite ecient and that on the long term almost no abnormal returns can be made. It shows that there is no underestimation present of the home eld or underdog chances as proven in papers on other sports betting markets. New methods, using minimum margins and weighting methods also do not result in abnormal returns. Also when using a probit model using readily available data no abnormal returns are found. Except when the Money Lines of bookmakers are included in the model. Using this a small prot can be made.