Members of the Football Research Group, James Reade and Carl Singleton, along with University of East Anglia’s, Alasdair Brown, will have their latest research on applied forecasting, based on football match scorelines, published in Scottish Journal of Political Economy.
This study analyses point forecasts for a common set of events. These forecasts were made for distinct competitions and originally judged differently. The event outcomes were low-probability but had more predictable sub-outcomes, upon which they were also judged. Hence, the forecasts were multi-dimensional, complicating any evaluation. The events were association football matches in the English Premier League. The forecasts were of exact scoreline outcomes. We compare these with implied probability forecasts using bookmaker odds and a crowd of tipsters, as well as point and probability forecasts generated from a statistical model suited to predicting football match scorelines. From evaluating these sources and types of forecast, using various methods, we argue that regression encompassing is the most appropriate way to compare point and probability forecasts, and find that both these types of forecasts for football match scorelines generally add information to one another.
Read more about it here.