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Efficiency of the Market for Racetrack Betting

Citations

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Cited by:

  1. Piotr Borowski & Marcin Chlebus, 2021. "Machine learning in the prediction of flat horse racing results in Poland," Working Papers 2021-13, Faculty of Economic Sciences, University of Warsaw.
  2. Fellner, Gerlinde & Maciejovsky, Boris, 2007. "Risk attitude and market behavior: Evidence from experimental asset markets," Journal of Economic Psychology, Elsevier, vol. 28(3), pages 338-350, June.
  3. Russell Sobel & S. Travis Raines, 2003. "An examination of the empirical derivatives of the favourite-longshot bias in racetrack betting," Applied Economics, Taylor & Francis Journals, vol. 35(4), pages 371-385.
  4. Robin Maximilian Stetzka & Stefan Winter, 2023. "How rational is gambling?," Journal of Economic Surveys, Wiley Blackwell, vol. 37(4), pages 1432-1488, September.
  5. Roman Malaric & Tomislav Katic & Dubravko Sabolic, 2007. "The market efficiency of the soccer fixed odds internet betting market," Applied Economics Letters, Taylor & Francis Journals, vol. 15(3), pages 171-174.
  6. Bjerksund, Petter & Stensland, Gunnar, 2017. "Profitable Robot Strategies in Pari-Mutuel Betting," Discussion Papers 2017/6, Norwegian School of Economics, Department of Business and Management Science.
  7. Brown, Lawrence D. & Lin, Yi, 2003. "Racetrack betting and consensus of subjective probabilities," Statistics & Probability Letters, Elsevier, vol. 62(2), pages 175-187, April.
  8. Rablen, Matthew D., 2010. "Performance targets, effort and risk-taking," Journal of Economic Psychology, Elsevier, vol. 31(4), pages 687-697, August.
  9. Steven D. Moffitt & William T. Ziemba, 2018. "A Method for Winning at Lotteries," Papers 1801.02958, arXiv.org.
  10. Alessandro Innocenti & Tommaso Nannicini & Roberto Ricciuti, 2021. "The Importance of Betting Early," Risks, MDPI, vol. 9(4), pages 1-15, April.
  11. Michael R. Metel, 2018. "Kelly Betting on Horse Races with Uncertainty in Probability Estimates," Decision Analysis, INFORMS, vol. 15(1), pages 47-52, March.
  12. John Board & Charles Sutcliffe & William T. Ziemba, 2003. "Applying Operations Research Techniques to Financial Markets," Interfaces, INFORMS, vol. 33(2), pages 12-24, April.
  13. Hwang, Joon Ho & Kim, Min-Su, 2015. "Misunderstanding of the binomial distribution, market inefficiency, and learning behavior: Evidence from an exotic sports betting market," European Journal of Operational Research, Elsevier, vol. 243(1), pages 333-344.
  14. Bernardo, Giovanni & Ruberti, Massimo & Verona, Roberto, 2015. "Testing semi-strong efficiency in a fixed odds betting market: Evidence from principal European football leagues," MPRA Paper 66414, University Library of Munich, Germany.
  15. Kelly Busche & W. David Walls, 2000. "Decision Costs And Betting Market Efficiency," Rationality and Society, , vol. 12(4), pages 477-492, November.
  16. Bernardo, Giovanni & Ruberti, Massimo & Verona, Roberto, 2019. "Semi-strong inefficiency in the fixed odds betting market: Underestimating the positive impact of head coach replacement in the main European soccer leagues," The Quarterly Review of Economics and Finance, Elsevier, vol. 71(C), pages 239-246.
  17. Golec, Joseph & Tamarkin, Maurry, 1991. "The degree of inefficiency in the football betting market : Statistical tests," Journal of Financial Economics, Elsevier, vol. 30(2), pages 311-323, December.
  18. Terrance Odean., 1996. "Volume, Volatility, Price and Profit When All Trader Are Above Average," Research Program in Finance Working Papers RPF-266, University of California at Berkeley.
  19. Buhagiar, Ranier & Cortis, Dominic & Newall, Philip W.S., 2018. "Why do some soccer bettors lose more money than others?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 18(C), pages 85-93.
  20. MacLean, Leonard C. & Zhao, Yonggan & Ziemba, William T., 2014. "Optimal capital growth with convex shortfall penalties," LSE Research Online Documents on Economics 59292, London School of Economics and Political Science, LSE Library.
  21. Takahiro, Watanabe, 1997. "A parimutuel system with two horses and a continuum of bettors," Journal of Mathematical Economics, Elsevier, vol. 28(1), pages 85-100, August.
  22. MacLean, Leonard C. & Zhao, Yonggan & Ziemba, William T., 2016. "Optimal capital growth with convex shortfall penalties," LSE Research Online Documents on Economics 65486, London School of Economics and Political Science, LSE Library.
  23. Lo Victor S & Bacon-Shone John, 2008. "Probability and Statistical Models for Racing," Journal of Quantitative Analysis in Sports, De Gruyter, vol. 4(2), pages 1-14, April.
  24. M. Sung & J. E. V. Johnson, 2010. "Revealing Weak‐Form Inefficiency in a Market for State Contingent Claims: The Importance of Market Ecology, Modelling Procedures and Investment Strategies," Economica, London School of Economics and Political Science, vol. 77(305), pages 128-147, January.
  25. Pascal Flurin Meier & Raphael Flepp & Egon Franck, 2021. "Are sports betting markets semistrong efficient? Evidence from the COVID-19 pandemic," Working Papers 387, University of Zurich, Department of Business Administration (IBW).
  26. Sathya Ramesh & Ragib Mostofa & Marco Bornstein & John Dobelman, 2019. "Beating the House: Identifying Inefficiencies in Sports Betting Markets," Papers 1910.08858, arXiv.org, revised Oct 2019.
  27. Roderick Bain & Donald Hausch & William Ziemba, 2006. "An application of expert information to win betting on the Kentucky Derby, 1981-2005," The European Journal of Finance, Taylor & Francis Journals, vol. 12(4), pages 283-301.
  28. Marshall Gramm & Douglas H. Owens, 2006. "Efficiency in Pari‐Mutuel Betting Markets across Wagering Pools in the Simulcast Era," Southern Economic Journal, John Wiley & Sons, vol. 72(4), pages 926-937, April.
  29. Philip W. S. Newall & Dominic Cortis, 2021. "Are Sports Bettors Biased toward Longshots, Favorites, or Both? A Literature Review," Risks, MDPI, vol. 9(1), pages 1-9, January.
  30. Bin Li & Steven C. H. Hoi, 2012. "Online Portfolio Selection: A Survey," Papers 1212.2129, arXiv.org, revised May 2013.
  31. Swidler, Steve & Shaw, Ron, 1995. "Racetrack wagering and the "uninformed" bettor: A study of market efficiency," The Quarterly Review of Economics and Finance, Elsevier, vol. 35(3), pages 305-314.
  32. Les Coleman, 2004. "New light on the longshot bias," Applied Economics, Taylor & Francis Journals, vol. 36(4), pages 315-326.
  33. Jinook Jeong & Jee Young Kim & Yoon Jae Ro, 2019. "On the efficiency of racetrack betting market: a new test for the favourite-longshot bias," Applied Economics, Taylor & Francis Journals, vol. 51(54), pages 5817-5828, November.
  34. Sung, Ming-Chien & McDonald, David C.J. & Johnson, Johnnie E.V. & Tai, Chung-Ching & Cheah, Eng-Tuck, 2019. "Improving prediction market forecasts by detecting and correcting possible over-reaction to price movements," European Journal of Operational Research, Elsevier, vol. 272(1), pages 389-405.
  35. Strumbelj, E. & Sikonja, M. Robnik, 2010. "Online bookmakers' odds as forecasts: The case of European soccer leagues," International Journal of Forecasting, Elsevier, vol. 26(3), pages 482-488, July.
  36. Mukhtar Ali, 1998. "Probability models on horse-race outcomes," Journal of Applied Statistics, Taylor & Francis Journals, vol. 25(2), pages 221-229.
  37. Zhang, Chi & Thijssen, Jacco, 2022. "On sticky bookmaking as a learning device in horse-racing betting markets," Journal of Economic Dynamics and Control, Elsevier, vol. 144(C).
  38. Erhan Bayraktar & Alexander Munk, 2016. "High-Roller Impact: A Large Generalized Game Model of Parimutuel Wagering," Papers 1605.03653, arXiv.org, revised Mar 2017.
  39. Grant, Andrew & Johnstone, David & Kwon, Oh Kang, 2019. "The cost of capital in a prediction market," International Journal of Forecasting, Elsevier, vol. 35(1), pages 313-320.
  40. Ho Cheung Brian Lee & Jan Stallaert & Ming Fan, 2020. "Anomalies in Probability Estimates for Event Forecasting on Prediction Markets," Production and Operations Management, Production and Operations Management Society, vol. 29(9), pages 2077-2095, September.
  41. Rosenbloom, E. S., 2003. "A better probability model for the racetrack using Beyer speed numbers," Omega, Elsevier, vol. 31(5), pages 339-348, October.
  42. William Stein & Philip Mizzi, 2003. "An analysis of exotic wagers in a parimutuel setting," Applied Economics, Taylor & Francis Journals, vol. 35(4), pages 415-421.
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