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The Link Between Information and the Favorite-longshot Bias in Pari-mutuel Wagering Markets

  • Andrew P. Weinbach
  • Rodney J. Paul

This paper examines a database of more than 45,000 greyhound races over an eight year period at Dairyland Greyhound Park to test for and examine the nature of the favorite-longshot bias. While the longest odds dogs are collectively found to be over-bet for the sample as a whole, the bias is found to diminish after the introduction of Off-Track Betting. Further, maiden races, among inexperienced dogs, are shown to exhibit the traditional favorite-longshot bias, while non-maiden races do not. These results may help explain why researchers have found the bias at some tracks, but not others.

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Article provided by University of Buckingham Press in its journal Journal of Gambling Business and Economics.

Volume (Year): 2 (2008)
Issue (Month): 1 (May)
Pages: 30-44

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Handle: RePEc:buc:jgbeco:v:2:y:2008:i:1:p:30-44
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