Tests of the Efficiency of Racetrack Betting Using Bookmaker Odds
The objective of this study is to evaluate the informational efficiency of the market for betting on horse races. Whereas the price data used in previous studies have been drawn largely from totalizator (parimutuel) odds, the data used in this study are derived from bookmaker odds. The availability of a series of prices throughout betting facilitates the use of filter tests to evaluate market efficiency. We conclude that this gambling market is efficient in the use of information supplied via both the movements in odds during the course of betting and the selections of newspaper tipsters. However, there is evidence to suggest that those with access to private information can earn positive returns from gambling.
Volume (Year): 33 (1987)
Issue (Month): 12 (December)
|Contact details of provider:|| Postal: 7240 Parkway Drive, Suite 300, Hanover, MD 21076 USA|
Web page: http://www.informs.org/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:inm:ormnsc:v:33:y:1987:i:12:p:1552-1562. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mirko Janc)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.