A FOOTNOTE ON HORSE RACE BETTING

Richard M. Griffith
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Richard M. Griffith: Veterans Administration Hospital, Lexington, Kentucky, USA

Chapter 5 in Efficiency of Racetrack Betting Markets, 2008, pp 27-30 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractIn an early note Griffith (1949) showed that horse race bettors put too much money on horses which have little chance of winning and too little on those most likely to win. McGlothlin (1956) repeated the study, confirming the results and revealing many further potentialities in the data by considering the position of the race in the day's program. An obvious extension of the analysis—one which McGlothlin picked up but brushed over lightly—is to turn from win betting to “show” betting. The person who would like to bet on a surer thing than even the heavy favorite to win the race may bet that he will “place,” that is, finish first or second, or, what is more likely yet, that he will “show,” finish third or better. The tendency to under-bet the most probable event should appear in its most marked degree in 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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