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A Footnote On Horse Race Betting

In: Efficiency Of Racetrack Betting Markets

Author

Listed:
  • RICHARD M. GRIFFITH

    (Veterans Administration Hospital, Lexington, Kentucky, USA)

Abstract

In an early note Griffith (1949) showed that horse race bettors put too much money on horses which have little chance of winning and too little on those most likely to win. McGlothlin (1956) repeated the study, confirming the results and revealing many further potentialities in the data by considering the position of the race in the day's program. An obvious extension of the analysis—one which McGlothlin picked up but brushed over lightly—is to turn from win betting to “show” betting. The person who would like to bet on a surer thing than even the heavy favorite to win the race may bet that he will “place,” that is, finish first or second, or, what is more likely yet, that he will “show,” finish third or better. The tendency to under-bet the most probable event should appear in its most marked degree in show betting…

Suggested Citation

  • Richard M. Griffith, 2008. "A Footnote On Horse Race Betting," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 5, pages 27-30, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0005
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