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An Examination of Efficiency in British Racetrack Betting: Errata and Corrections

In: Efficiency Of Racetrack Betting Markets

Author

Listed:
  • Paul Gabriel

    (Loyola University of Chicago, USA)

  • James R. Marsden

    (University of Kentucky, USA)

Abstract

Shortly after the publication of our paper in this Journal (Gabriel and Marsden 1990), we received a kind letter with several informational questions from Paddy Waldron, a graduate student at Wharton and long-time “punter” (bettor) in his native Ireland. One of Waldron's questions caused us to recheck the original source (The Sporting Chronicle Handicap Book, 1978) from which our data were gathered by research assistants. As his questions suggested to us, we discovered that a footnote had been overlooked and that the tote returns on Irish races included in the flat season (about 27 percent of all such races) are quoted as returns on a 20-pence bet (their minimum bet) rather than as returns on the 10-pence minimum used for reporting the other flat races. Thus we found that we had overstated the tote returns. We completely recollected all our data, making the necessary adjustments for Irish races and adding in eight races that had been reported out of sequence in the Handicap Book…

Suggested Citation

  • Paul Gabriel & James R. Marsden, 2008. "An Examination of Efficiency in British Racetrack Betting: Errata and Corrections," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 55, pages 563-565, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0055
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