College Football Bettors and the Wisdom of Crowds

James Francisco, Evan Moore


This article examines whether the “wisdom of crowds” theory applies to college football wagering markets. We examine the movement of betting lines (which function as prices) in spreads and totals markets leading up to college football games. We find that 1) opening and closing lines on spreads and totals are generally efficient, and 2) the closing lines on totals and spreads are more accurate, providing evidence of the wisdom of crowds effect.


college football; financial markets; gambling; recreation

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