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Market Efficiency in Racetrack Betting: Further Evidence and a Correction

In: Efficiency Of Racetrack Betting Markets

Author

Listed:
  • Peter Asch

    (Rutgers University, USA)

  • Burton G. Malkiel

    (Yale University, USA)

  • Richard E. Quandt

    (Princeton University, USA)

Abstract

We recently reported (Asch, Malkiel, and Quandt 1984) the results of simulated betting strategies based on logit analysis of racetrack betting data. Morning line odds, final odds, and marginal odds (defined as the odds implied by the moneys wagered during the last few minutes prior to each race) were used to predict the winning probability of each horse in a race; and a variety of strategies involving bets on the highest-probability horses was attempted. Our main conclusions were that we were unable to devise profitable strategies for win betting but that such strategies could be employed in place and show betting.

Suggested Citation

  • Peter Asch & Burton G. Malkiel & Richard E. Quandt, 2008. "Market Efficiency in Racetrack Betting: Further Evidence and a Correction," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 37, pages 369-372, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0037
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