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How Accurately Do Bettors Bet in Doubles ?

In: Efficiency Of Racetrack Betting Markets

Author

Listed:
  • Victor S. Y. Lo

    (University of British Columbia, Canada)

  • Kelly Busche

    (University of Hong Kong, Hong Kong)

Abstract

Previous studies in the analysis of double bets in racetrack markets compared the payoffs resulting from a double bet with a parlay contructed by the bettors. We compare the accuracy of implied winning probabilities between double bet and bets based on a single race and suggest that bettors bet on doubles less accurately. We also report the analysis based on payoff comparisons for a new data set.

Suggested Citation

  • Victor S. Y. Lo & Kelly Busche, 2008. "How Accurately Do Bettors Bet in Doubles ?," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 46, pages 465-468, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0046
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    Cited by:

    1. Tai, Chung-Ching & Lin, Hung-Wen & Chie, Bin-Tzong & Tung, Chen-Yuan, 2019. "Predicting the failures of prediction markets: A procedure of decision making using classification models," International Journal of Forecasting, Elsevier, vol. 35(1), pages 297-312.

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