Morse, Alan

Committee Member

Sung, Yoon Tae

Committee Member

Martinez, Rutilio

Committee Member

Bergstrom, Cassendra


Sport & Exercise Science: Sport Administration


University of Northern Colorado

Type of Resources


Place of Publication

Greeley (Colo.)


University of Northern Colorado

Date Created



120 pages

Digital Origin

Born digital


The National Hockey League (NHL) totals market provides an optimal setting to test the theory of efficient markets. Under the notion of market efficiency, prices of an asset are reflexive of all publicly available information, making it impossible to enjoy consistent, above-average, returns. In contrast to the other major professional sporting leagues in North America, the NHL was the last to become fully integrated into sportsbooks, thus making it more susceptible to inefficiencies. To date, there has only been one published study related to the NHL totals market, which found deviations from market efficiency. The present research builds and expands upon these findings by analyzing a more expansive dataset, which included the closing total and associated odds for each contest. Furthermore, the present work analyzed the efficiency and profitability of the market through five betting strategies, each motivated by common heuristics and decision making biases. Results indicated that the NHL totals market was largely efficient, with only one strategy yielding a marginal above-average return. Thus, the influence of heuristics appeared to be appropriately priced in the market. This is consistent with the central premise of the market efficiency, in that financial markets are efficient with regard to any particular strategy or piece of information over a sustained period of time.


Dean's Citation for Excellence and Outstanding Dissertation

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Copyright is held by the author.