“…Although only 45% of the betting volume in Europe (European Gaming & Betting Association, 2020) is placed in the pre-game market, empirical research to date has largely focused on this market, investigating market (in-)efficiencies, overand underreaction of bettors, drivers of betting volume and forecasting of match outcomes, to name but a few (see, e.g. Thaler and Ziemba, 1988;Vergin, 2001;Dixon and Pope, 2004;Feddersen et al, 2017;Deutscher et al, 2018;Brown and Reade, 2019;Butler et al, 2021;Durand et al, 2021). In contrast, for the in-game market, the existing literature to date has mostly focused on inefficiencies (see, e.g.…”