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Accuracy of the win odds

In: Exotic Betting at the Racetrack

Author

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  • William T. Ziemba

Abstract

The crowd is composed of many types of bettors. Most of the people attending a day’s card, particularly on Saturdays and Sundays, do not go to the track all that frequently. They go every so often to enjoy a good day’s racing and to have an entertaining afternoon or evening. They do not expect to win but they certainly would enjoy a winning day and particularly a big exciting payoff. These bettors have many systems for their betting. Many just follow the picks in the program, the daily racing form’s consensus or from one of the tip sheets. Others study the daily racing form with great care and attempt to find overlaid horses going off at odds that are longer than they should be. Others make bets by the way the horses look in the post parade. Some base their choices on favorite numbers like seven in the seventh and names like Lucky Lucky Lucky. Some bet the same amount in every race. Others mix up their bets reserving the larger bets for the horses that look the best…

Suggested Citation

  • William T. Ziemba, 2019. "Accuracy of the win odds," World Scientific Book Chapters, in: Exotic Betting at the Racetrack, chapter 1, pages 1-20, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813278790_0001
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    Cited by:

    1. 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).

    More about this item

    Keywords

    Efficient; Inefficient; Racetrack; Betting; Market; Exotic Betting; Race; Handicapping; Strategies;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism

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