International Sports Studies (ISS)

ISSN: 1443-0770

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International Sports Studies

The profitability of algorithmic trading systems based on football sentiment

Raúl Gómez-Martínez, Camila Marqués-Bogliani, Jessica Paule-Vianez

International Sports Studies 42 No. 1 (2020)     pp: 33-46     2020-06-22
The profitability of algorithmic trading systems based on football sentiment

Stichworte/keywords: sports sentiment, European football clubs, behavioural finance, algorithmic trading, investors’ mood

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Gómez-Martínez, R., & Marqués-Bogliani, C., & Paule-Vianez, J. (2020). The profitability of algorithmic trading systems based on football sentiment. International Sports Studies, 42 (1), 33-46. doi:10.30819/iss.42-1.04
doi = {10.30819/iss.42-1.04},
url = {},
year = 2020,
publisher = {Logos Verlag Berlin},
volume = {42},
number = {1},
pages = {33-46},
author = {Raúl Gómez-Martínez, Camila Marqués-Bogliani, Jessica Paule-Vianez},
title = {The profitability of algorithmic trading systems based on football sentiment},
journal = {International Sports Studies}

Behavioural finance has shown that investment decisions are the result of not just rational but also emotional brain processes. On the assumption that emotions affect financial markets, it would seem likely that football results might have a measurable effect on financial markets. To test this, this study describes three algorithmic trading systems based exclusively on the results of three top European football teams (Juventus, Bayern München and Paris St Germain) opening long or short positions in the next market season of the futures market of the index of each country (MIB (Milano Italia Borsa), DAX (Deutscher Aktien Index) and CAC (Cotation Assistée en Continu). Depending on the outcome of the last game played a long position was taken after a victory and a short position after a draw or defeat. The results showed that the algorithmic systems were profitable in the case of Juventus and Bayern whereas in the case of PSG, the system was profitable, but in an inverse way. This study shows that investment strategies that take account of sports sentiment could have a profitable outcome.
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