THE EFFICIENCY OF PARI-MUTUEL BETTING IN STANDARDBRED RACING

Elia Kacapyr

Journal of Prediction Markets, 2011, vol. 5, issue 1, 1-11

Abstract: This paper investigates stylized facts about pari-mutuel betting. Standardbred racing at The Meadowlands Racetrack on Friday and Saturday nights is analyzed to determine if bettors in this particular venue are efficient. In addition, adages concerning horse racing, such as the favorite wins 33 percent of time, are tested. Finally, a logistic regression is employed to determine if characteristics of a race, such as the amount of the purse, can help determine if the favorite horse is more likely to win the race.

JEL-codes: L83 (search for similar items in EconPapers)
Date: 2011
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