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Market Efficiency in Finnish Harness Horse Racing

Niko Suhonen ()
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Niko Suhonen: University of Eastern Finland, Department of Social Science and Business Studies

Finnish Economic Papers, 2011, vol. 24, issue 1, 55-63

Abstract: This paper analyzes the efficiency of betting markets in harness horse racing during the transition from on-track betting to Internet gambling. In order to test the market efficiency hypotheses, an alternative testing approach to other grouping methods is introduced. The betting market efficiency is tested by using a database accumulated from the Finnish harness horse racing. The results imply that the markets are weakly efficient but characterised by the favourite-longshot bias. However, convincing evidence for other gambling market anomalies such as the end of the day effect or the gambler’s fallacy is not found.

Date: 2011
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