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Introduction to the Efficiency of Racetrack Betting Markets in England

In: Efficiency Of Racetrack Betting Markets

Author

Listed:
  • Donald B. Hausch

    (University of Wisconsin-Madison, USA)

  • Victor S. Y. Lo

    (University of British Columbia, Canada)

  • William T. Ziemba

    (University of British Columbia, Canada)

Abstract

The parimutuel betting system utilizing electric tote boards is the dominant method of betting at Noah American racetracks. Under the parimutuel system, the win bet fractions may be interpreted as consensus subjective win probabilities provided by the public. In England, and in other Commonwealth countries, such as Australia and New Zealand and other European countries, such as Italy and France, the dominant system is the fixed-odds system where it is bookies who establish and offer the odds…

Suggested Citation

  • Donald B. Hausch & Victor S. Y. Lo & William T. Ziemba, 2008. "Introduction to the Efficiency of Racetrack Betting Markets in England," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 51, pages 529-531, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0051
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    Cited by:

    1. Matej Uhr'in & Gustav v{S}ourek & Ondv{r}ej Hub'av{c}ek & Filip v{Z}elezn'y, 2021. "Optimal sports betting strategies in practice: an experimental review," Papers 2107.08827, arXiv.org.
    2. 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).
    3. Ziemba, William T., 2023. "Pari-mutuel betting markets: racetracks and lotteries revisited," LSE Research Online Documents on Economics 120846, London School of Economics and Political Science, LSE Library.
    4. William Ziemba, 2009. "Use of stochastic and mathematical programming in portfolio theory and practice," Annals of Operations Research, Springer, vol. 166(1), pages 5-22, February.

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