For the mathematically inclined, baseball is a slam dunk.
A staggering amount of data is freely available in database friendly formats. Equally staggering amounts of research has already been done and published by the sabrmetrics community. One only needs to adapt the most interesting ones to the gambling market (but don't ever mention gambling research in a public sabrmetrics forum!).
And of course, you can't beat MLB for the number of betting opportunities in a season.
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I'm completely in favor of the separation of Church and State. My idea is that these two institutions screw us up enough on their own, so both of them together is certain death. --George Carlin
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