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Odds Adjustments By American Horse-Race Bettors

In: Efficiency Of Racetrack Betting Markets

Author

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  • R. M. GRIFFITH

    (University of Kentucky, USA)

Abstract

In horse-race betting, the odds on the various horses in any race are a functioning of the proportion of the total money that is bet on each and hence are socially determined. On the other hand, the objective probability for winners from any group of horses is given a posteriori by the percentage of winners. Thus the odds express (reciprocally) a psychological probability while the percentage of winners at any odds group measures the true probability; any consistent discrepancy between the two may cast light not only on the specific topics of horse-race betting and gambling but on the more general field of the psychology of probabilities…

Suggested Citation

  • R. M. Griffith, 2008. "Odds Adjustments By American Horse-Race Bettors," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 3, pages 9-13, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0003
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