Computer Based Horse Race Handicapping and Wagering Systems: A Report

William Benter
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William Benter: HK Betting Syndicate, Hong Kong

Chapter 19 in Efficiency of Racetrack Betting Markets, 2008, pp 183-198 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThis paper examines the elements necessary for a practical and successful computerized horse race handicapping and wagering system. Data requirements, handicapping model development, wagering strategy, and feasibility are addressed. A logit-based technique and a corresponding heuristic measure of improvement are described for combining a fundamental handicapping model with the public's implied probability estimates. The author reports significant positive results in five years of actual implementation of such a system. This result can be interpreted as evidence of inefficiency in pari-mutuel racetrack wagering. This paper aims to emphasize those aspects of computer handicapping which the author has found most important in practical application of such a system.

Keywords: Racetrack Efficiency; Racetrack Betting Market; Racetrack Betting; Win Market; Finance (search for similar items in EconPapers)
Date: 2008
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