Market Efficiency in Racetrack Betting: Further Evidence and a Correction

Peter Asch, Burton G. Malkiel and Richard E. Quandt
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Peter Asch: Rutgers University, USA
Burton G. Malkiel: Yale University, USA
Richard E. Quandt: Princeton University, USA

Chapter 37 in Efficiency of Racetrack Betting Markets, 2008, pp 369-372 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractWe 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.

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