IDEAS home Printed from https://ideas.repec.org/h/wsi/wschap/9789812819192_0048.html
   My bibliography  Save this book chapter

On The Efficiency Of The Market For Double (Quinella) Bets At A Finnish Racetrack

In: Efficiency Of Racetrack Betting Markets

Author

Listed:
  • Antti Kanto

    (Helsinki School of Economics, Helsinki, Finland)

  • Gunnar Rosenqvist

    (Swedish School of Economics and Business Administration, Helsinki, Finland)

Abstract

This paper proposes a system for double betting at a racetrack, The proposed method utilizes Harville's (1973) formulas to reduce the $\big(\begin{array}{cc}k\\ 2 \end{array}\big)$ -dimensional space of empirical odds for double Bets to a (k−1)-dimensional space (k is the number of horses in a race). A novel feature of our betting system, compared with earlier work e.g. by Ziemba and Hausch, is that win market efficiency is not assumed since it is not supported by the Finnish data. The Kelly criterion is utilized for determining die amount of money to be wagered on each bet. The system is tested on data from 111 races at a Finnish racetrack and found to produce positive profits.

Suggested Citation

  • Antti Kanto & Gunnar Rosenqvist, 2008. "On The Efficiency Of The Market For Double (Quinella) Bets At A Finnish Racetrack," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 48, pages 485-498, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0048
    as

    Download full text from publisher

    File URL: https://www.worldscientific.com/doi/pdf/10.1142/9789812819192_0048
    Download Restriction: Ebook Access is available upon purchase.
    File URL: https://www.worldscientific.com/doi/abs/10.1142/9789812819192_0048
    Download Restriction: Ebook Access is available upon purchase.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. O’Connor, Philip, 2005. "What can we learn from Horse Racing?," 2005 Conference, August 26-27, 2005, Nelson, New Zealand 98524, New Zealand Agricultural and Resource Economics Society.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:wschap:9789812819192_0048. See general information about how to correct material in RePEc.

    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.

    We have no bibliographic references for this item. You can help adding them by using 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscientific.com/page/worldscibooks .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.