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Systematic and varying biases in parallel state contingent gambling markets

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  • Johnson, J.E.V.
  • Peel, D.
  • Peirson, J.

Abstract

Pari-mutuel odds for longshots in UK horseraces exceed those offered by bookmakers. This effect is less for winning compared to losing horses and is explained by informed gamblers betting disproportionately with the pari-mutuel on winning horses.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 109 (2010)
Issue (Month): 2 (November)
Pages: 82-84

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Handle: RePEc:eee:ecolet:v:109:y:2010:i:2:p:82-84

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Betting Horseracing Efficient markets;

References

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  1. Gabriel, Paul E & Marsden, James R, 1990. "An Examination of Market Efficiency in British Racetrack Betting," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(4), pages 874-85, August.
  2. Harry Markowitz, 1952. "The Utility of Wealth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 60, pages 151.
  3. Vaughan Williams, Leighton, 1999. "Information Efficiency in Betting Markets: A Survey," Bulletin of Economic Research, Wiley Blackwell, vol. 51(1), pages 1-30, January.
  4. Shin, Hyun Song, 1991. "Optimal Betting Odds against Insider Traders," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 101(408), pages 1179-85, September.
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