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paper: promove validade externa a Resultados (§4.9) + Métodos (§3.4); cover letter, lay summary, refs TOST
- §3.4 camada canônica sport-agnóstica (Métodos); §4.9 'one law across three sports' (Resultados, Figure 19) — antes só na Discussão - §7 vira callback curto (sem duplicar); abstract ganha a validade externa - §4.3 cita TOST [Schuirmann 1987; Lakens 2017] (+ 2 refs) - novos: cover-letter.md e lay-summary.md (≤100 palavras) p/ submissão RSOS - conferência de citações: todas com entrada na bibliografia Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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study/docs/paper/abstract.md

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@@ -20,10 +20,16 @@ high *p*-value into positive evidence of stability. A COVID natural experiment (
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collapse) moves skewness in the predicted direction, corroborating the causal
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mechanism. Bookmaker margin is orthogonal to asymmetry (best-price collapses the
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overround 1.067→1.009 while skewness barely moves), and the identity reappears
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in the binary over/under-2.5 market. We conclude that the market's risk
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in the binary over/under-2.5 market. Finally, ported unchanged through a
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sport-agnostic data layer, the same law holds **out of sample in two further
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sports** — tennis and basketball, two-outcome markets with independent odds sources
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(corr(skew, competitiveness) −0.95 to −1.00; underdog skew +2.3 to +2.6) —
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identifying it as a property of competition rather than of football or the 1X2
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contract. We conclude that the market's risk
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asymmetry is **inherited from the competitive structure of the sport**, not
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produced by pricing — a structural invariant stable across two decades of market
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growth.
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**Keywords:** skewness, favourite-longshot bias, betting markets, market
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efficiency, implied probabilities, structural invariance.
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efficiency, implied probabilities, structural invariance, equivalence testing,
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cross-sport validation.

study/docs/paper/cover-letter.md

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# Cover letter — Royal Society Open Science
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*Draft. Replace ‹…› placeholders and verify reviewer affiliations before submission.*
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Date: ‹submission date›
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To the Editors, *Royal Society Open Science*
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Dear Editors,
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I am pleased to submit the research article **"Structural Invariance of Return
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Skewness in Football Betting Markets"** for consideration as a research article in
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*Royal Society Open Science*.
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**What the paper shows.** The favourite–longshot bias is usually read as a pricing
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anomaly explained by a taste for skewness. We show instead that, viewed as the
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skewness of the betting market's return distribution, the phenomenon is a *structural
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invariant of the sport that prices faithfully transcribe*. Using 205,435 matches
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across 38 leagues (2005–2025), a law-of-total-cumulants decomposition shows market
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skewness is ≈100% the within-match Bernoulli asymmetry of the win-probability
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distribution; its cross-league level is fixed by competitiveness — a relation that
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survives an odds-free, results-only measure — and it shows no secular drift within the
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modern regime.
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**Why it is a good fit for RSOS.** The contribution is as much methodological and
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evidential as substantive, and the journal's open-science model fits the work
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exactly:
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- **Reproducibility.** The entire pipeline regenerates every number, figure and an
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evidence ledger from a single command, under a pinned environment, with an automatic
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result-drift audit. Each headline number is pinned to the exact code version that
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produced it via versioned git "evidence" tags.
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- **Strength of inference.** Beyond null-hypothesis tests, the central "no temporal
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drift" claim is established as a formal *equivalence* result (two one-sided tests
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against a pre-registered margin), turning a high *p*-value into positive evidence of
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stability — addressing the absence-of-evidence pitfall directly.
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- **External validity.** The analysis is ported, unchanged, through a sport-agnostic
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data layer to two further sports with independent odds sources — tennis and
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basketball — where the same law reappears, identifying it as a property of
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competition rather than of football or the 1X2 contract.
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**Open data and code.** All derived data, figures and analysis code are openly
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available under Apache-2.0 and archived at Zenodo with a citable DOI
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(10.5281/zenodo.20822121; concept DOI, all versions), version-controlled at
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https://github.com/cold-code-labs/skew-dynamic. The underlying raw match-and-odds
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files are sourced from third parties whose terms restrict redistribution; they are not
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deposited but are regenerated deterministically by the pipeline and verified against
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frozen content hashes, and the provided derived data are sufficient to replicate every
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reported result.
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**Declarations.** This study uses only publicly available aggregate match results and
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bookmaker odds; it involves no human participants, personal data or animal subjects.
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The author declares no competing interests and received no external funding. The use
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of an AI coding assistant is disclosed in the manuscript; all methodological choices,
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results and conclusions are the author's.
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**Originality.** This manuscript is original, has not been published previously, and is
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not under consideration at any other journal.
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**Suggested reviewers** (please verify current affiliations/contacts):
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- ‹Researcher in the favourite–longshot bias / betting-market efficiency, e.g. work
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in the tradition of Snowberg & Wolfers or Whelan›
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- ‹Researcher in competitive balance / sports statistics, e.g. in the tradition of
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Lee & Fort or Basini et al.›
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- ‹Researcher in skewness preference / prospect theory in markets, e.g. in the
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tradition of Barberis & Huang or Boyer, Mitton & Vorkink›
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I confirm I have read and can comply with the journal's editorial and open-data
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policies. Thank you for considering this submission.
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Yours sincerely,
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Vitor Alves
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Cold Code Labs
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ORCID: 0009-0008-3522-1694
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‹email›

study/docs/paper/draft.md

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@@ -163,6 +163,18 @@ The de-vigged ex-ante object is our primary measurement; the **ex-post realised*
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skewness (the skewness of actual returns) is a robustness check that should
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coincide with it under well-calibrated odds.
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### 3.4 A sport-agnostic canonical layer
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The measurement needs, per bet, only a de-vigged probability *p*, a decimal odd *o*
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and a realised outcome. We therefore factor the analysis behind a canonical data layer
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(`skewlib/canonical.py`; the contract is documented in `docs/DATA-SCHEMA.md`): a
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per-sport *adapter* maps a raw source to a tidy long form — declaring the outcome
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taxonomy (the number of outcomes, and whether a draw exists) and de-vigging the odds —
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after which the same selection, decomposition and skew-meter code runs unchanged,
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whatever the sport or market width. The football 1X2 path reproduces the legacy numbers
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bit-for-bit; the same layer drives the external-validity analysis of §4.9 (tennis,
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basketball) without touching the core.
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## 4. Results
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### 4.1 The mechanical core (Figure 1, Figure 3)
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A high *p*-value, however, is only a failure to reject a trend, not evidence of its
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absence. We therefore test temporal invariance as an **equivalence** hypothesis
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(two one-sided tests; Figure 20). Pre-registering the same margin used for the
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(two one-sided tests, TOST [Schuirmann 1987; Lakens 2017]; Figure 20). Pre-registering the same margin used for the
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similarity analysis below (§4.8) — half a between-league standard deviation,
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Δ = 0.026, read as the largest twenty-year drift we would treat as negligible — the
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slope's 90% confidence interval falls strictly inside [−Δ, +Δ], rejecting the
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parameter, made exact by the full probability distribution, and verdicted by an
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equivalence test rather than a null-rejection.
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### 4.9 External validity: one law across three sports (Figure 19)
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Our evidence so far is from football and, mostly, the three-outcome 1X2 contract. To
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separate the structural claim from anything idiosyncratic to that sport or that market,
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we port the analysis — through the canonical layer of §3.4, with no change to the core —
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to two further sports whose odds come from independent providers. **Tennis**
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(tennis-data.co.uk, ATP and WTA, 62,865 matches) is a two-outcome match-odds market with
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no draw; **basketball** (sportsbookreviewsonline.com, NBA, sixteen seasons, 19,621
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games) is a two-outcome moneyline market, also with no draw.
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In both, the de-vig stays calibrated out of sample (mean favourite probability 0.688 vs
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realised 0.692 in tennis; 0.694 vs 0.685 in basketball, the residual gap being the
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favourite–longshot bias itself), so the implied distribution is trustworthy out of
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domain. And in both the structural law reappears at full strength: the favourite bet is
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most negative where the competition is most lopsided — corr(skewness, competitiveness) =
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−1.00 (ATP) and −0.98 (WTA) across tournament tiers, and −0.95 across NBA seasons,
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against −0.90 in football — while the underdog is lottery-like at +2.31 (tennis) and
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+2.61 (basketball), all but identical to football's +2.35. Placed on a single
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competitiveness axis (Figure 19), the three sports trace one curve: football at the
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balanced end, tennis and basketball overlapping in the more lopsided regime, the
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favourite falling and the underdog rising with imbalance throughout. The asymmetry is
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not an artefact of the 1X2 contract, of the football-data source, or of association
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football — it is a property of the sport as a competitive system, exactly as the
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mechanism of §5 predicts.
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## 5. Mechanism
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The results cohere under one principle. The skewness of a fixed-odds bet is the
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exist before ≈ 2000, so the prediction that the *baseline itself* shifts across those
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1990s shocks remains beyond the reach of betting data.
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**External validity.** A natural objection is that our evidence is from a single
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sport, and might reflect something idiosyncratic to football or to the three-outcome
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1X2 contract rather than to competition itself. We address this directly. The analysis
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machinery requires, per bet, only a de-vigged probability, a decimal odd and an
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outcome; we therefore factor it behind a sport-agnostic canonical layer
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(`skewlib/canonical.py`; data contract in `docs/DATA-SCHEMA.md`) and port it,
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unchanged, to two further sports whose odds come from independent
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providers. **Tennis** (tennis-data.co.uk, ATP and WTA, 62,865 matches) is a
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two-outcome match-odds market with no draw; **basketball** (sportsbookreviewsonline.com,
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NBA, sixteen seasons, 19,621 games) is a two-outcome moneyline market, also with no
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draw. In both, the de-vig remains calibrated out of sample (mean favourite probability
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0.688 vs realised 0.692 in tennis; 0.694 vs 0.685 in basketball, the residual being the
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favourite–longshot bias itself), so the implied distribution is trustworthy. And in
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both, the structural law reappears at full strength: the favourite bet is most negative
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where the competition is most lopsided — corr(skewness, competitiveness) = −1.00 (ATP)
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and −0.98 (WTA) across tournament tiers, and −0.95 across NBA seasons, against −0.90 in
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football — while the underdog is lottery-like at +2.31 (tennis) and +2.61 (basketball),
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all but identical to football's +2.35. Placed on a single competitiveness axis
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(Figure 19), the three sports trace one curve: football at the balanced end, tennis
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and basketball overlapping in the more lopsided regime, the favourite falling and the
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underdog rising with imbalance throughout. The asymmetry is not an artefact of the 1X2
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contract, of the football-data source, or of association football — it is a property of
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the sport as a competitive system, exactly as the mechanism predicts.
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The structural reading also makes a portable prediction, which §4.9 confirms: ported
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unchanged to tennis and basketball — different sports, two-outcome markets with no draw,
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independent odds sources — the same law reappears (the favourite's skewness falling with
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competitiveness, the underdog lottery-like near +2.3 to +2.6, the de-vig still
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calibrated out of domain). The asymmetry is therefore a property of the sport as a
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competitive system, not an artefact of the 1X2 contract or of football — which is what a
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mechanism rooted in the win-probability distribution, rather than in pricing, predicts.
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## 8. Conclusion
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(JRSS-D) 49(3):419–431.
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- Kraus, A. & Litzenberger, R. (1976). *Skewness Preference and the Valuation of
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Risk Assets.* Journal of Finance.
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- Lakens, D. (2017). *Equivalence Tests: A Practical Primer for t Tests,
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Correlations, and Meta-Analyses.* Social Psychological and Personality Science
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8(4):355–362.
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- Lee, Y. H. & Fort, R. (2012). *Competitive balance: time series lessons from the
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English Premier League.* Scottish J. Political Economy 59(3):266–282.
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- Nash, J. (2018). *A formal approach to modelling the characteristics of sports
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betting markets.* arXiv:1811.12516.
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- Owen, P. D., Ryan, M. & Weatherston, C. (2007). *Measuring competitive balance
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in professional team sports using the Herfindahl–Hirschman index.* Review of
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Industrial Organization 31:289–302.
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- Schuirmann, D. J. (1987). *A comparison of the two one-sided tests procedure and
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the power approach for assessing the equivalence of average bioavailability.*
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Journal of Pharmacokinetics and Biopharmaceutics 15(6):657–680.
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- Shin, H. S. (1993). *Measuring the Incidence of Insider Trading in a Market for
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State-Contingent Claims.* Economic Journal 103(420):1141–1153.
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- Snowberg, E. & Wolfers, J. (2010). *Explaining the Favorite–Longshot Bias: Is it

study/docs/paper/lay-summary.md

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# Media / lay summary (≤100 words)
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*RSOS prompts for this when submitting final files (post-acceptance). ~96 words.*
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When you bet on the favourite you usually win a little; when you bet on the underdog
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you usually lose, but occasionally win big. This lopsidedness — statisticians call it
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skewness — is often blamed on bettors who love long-shot gambles. We show it is
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something simpler: a mathematical shadow of how evenly matched the teams are. Across
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205,435 football matches over twenty years it never drifts, and the same pattern
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appears in tennis and basketball. The asymmetry is built into the sport's competitive
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structure, not created by the betting market, which merely reflects it.

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