IDEAS home Printed from https://ideas.repec.org/a/buc/jgbeco/v2y2008i1p30-44.html
   My bibliography  Save this article

The Link Between Information and the Favorite-longshot Bias in Pari-mutuel Wagering Markets

Author

Listed:
  • Andrew P. Weinbach
  • Rodney J. Paul

Abstract

This paper examines a database of more than 45,000 greyhound races over an eight year period at Dairyland Greyhound Park to test for and examine the nature of the favorite-longshot bias. While the longest odds dogs are collectively found to be over-bet for the sample as a whole, the bias is found to diminish after the introduction of Off-Track Betting. Further, maiden races, among inexperienced dogs, are shown to exhibit the traditional favorite-longshot bias, while non-maiden races do not. These results may help explain why researchers have found the bias at some tracks, but not others.

Suggested Citation

  • Andrew P. Weinbach & Rodney J. Paul, 2008. "The Link Between Information and the Favorite-longshot Bias in Pari-mutuel Wagering Markets," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 2(1), pages 30-44, May.
    • Handle: RePEc:buc:jgbeco:v:2:y:2008:i:1:p:30-44
    as

    Download full text from publisher

    File URL: http://www.ubplj.org/index.php/jgbe/article/view/523
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Berkowitz, Jason P. & Depken II, Craig A. & Gandar, John M., 2018. "Market evidence against widespread point shaving in college basketball," Journal of Economic Behavior & Organization, Elsevier, vol. 153(C), pages 283-292.
    2. Rodney J. Paul & Andrew P. Weinbach, 2014. "Market Efficiency and Behavioral Biases in the WNBA Betting Market," IJFS, MDPI, vol. 2(2), pages 1-10, April.

    More about this item

    Keywords

    FAVORITE-LONGSHOT BIAS; MARKET RESTRICTIONS; WAGERING MARKETS;
    All these keywords.

    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:buc:jgbeco:v:2:y:2008:i:1:p:30-44. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dominic Cortis, University of Malta (email available below). General contact details of provider: http://www.ubpl.co.uk/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.