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Winning Systems?: Some Further Evidence on Insiders and Outsiders in British Horse Race Betting

In: Efficiency Of Racetrack Betting Markets

Author

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  • N F R Crafts

    (Department of Economics, University of Warwick, UK)

Abstract

In an earlier paper (Crafts, 1985) I examined the relationship of the racecourse odds at the start of a horserace in Britain to the odds forecast in the morning racing press. The results showed that there is considerable potential for profitable insider trading in British horserace betting but that the adjustment of the odds to the starting prices is “weakly efficient” in the sense that bettors at starting price could not share in the exploitation of profitable opportunities. I also demonstrated the existence of “mug bets”, a class of particularly poor value bets where horses listed in the morning as fancied runners lengthen markedly in the betting during pre-race trading. In other words I argued that insiders are able to profit at the expense of outsiders, a situation which appears to be acceptable to or regarded as inevitable by the authorities…

Suggested Citation

  • N F R Crafts, 2008. "Winning Systems?: Some Further Evidence on Insiders and Outsiders in British Horse Race Betting," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 53, pages 545-549, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0053
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