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Introduction to the Efficiency of Exotic Wagering Markets

In: Efficiency Of Racetrack Betting Markets

Author

Listed:
  • Donald B. Hausch

    (University of Wisconsin-Madison, USA)

  • Victor S. Y. Lo

    (University of British Columbia, Canada)

  • William T. Ziemba

    (University of British Columbia, Canada)

Abstract

Exotic bets are wagers involving two or more horses, and a variety of them are offered by tracks. Quinellas require one to predict the first two finishers in a race. Exactas (or perfectas) also require one to predict the first two horses in a race, but additionally one needs to predict their order of finish. The trifecta involves naming the first three finishers in the correct order. In a double (or daily double) bet, one must select the winner of two consecutive races. The double concept has been extended to predicting winners of three, four, six, and more consecutive race, providing the public extremely low probability but high payoff wagers. This section is concerned with the efficiency of these markets…

Suggested Citation

  • Donald B. Hausch & Victor S. Y. Lo & William T. Ziemba, 2008. "Introduction to the Efficiency of Exotic Wagering Markets," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 43, pages 445-446, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0043
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