Systematic and varying biases in parallel state contingent gambling markets

J.E.V. Johnson, David Peel and John Peirson

Economics Letters, 2010, vol. 109, issue 2, 82-84

Abstract: Pari-mutuel odds for longshots in UK horseraces exceed those offered by bookmakers. This effect is less for winning compared to losing horses and is explained by informed gamblers betting disproportionately with the pari-mutuel on winning horses.

Keywords: Betting; Horseracing; Efficient; markets (search for similar items in EconPapers)
Date: 2010
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