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Cross-Track Betting: Is the Crass Greener on the Other Side ?

In: Efficiency Of Racetrack Betting Markets

Author

Listed:
  • Siew Meng Leong
  • Kian Guan Lim

Abstract

This paper reports he results of an empirical study on cross-mck betting based on a sample of about 10,000 horses from 867 races in Singapore and Malaysia. Statistical test shows that the usual favorite-longshot bias exists at both the home and cross tracks. Arbitrage profit was possible in 13 races. The paper also shows that by employing a stylized version of the Kelly criterion as suggested by Hausch and Ziemba (1990a). Using simultaneous home and cross mck information on dividends, positive returns can be made. Implications of these results are discussed and directions for future research suggested.

Suggested Citation

  • Siew Meng Leong & Kian Guan Lim, 2008. "Cross-Track Betting: Is the Crass Greener on the Other Side ?," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 62, pages 617-629, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0062
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