Introduction to the Efficiency of Exotic Wagering Markets

Donald B. Hausch, Victor S. Y. Lo and William T. Ziemba
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Donald B. Hausch: University of Wisconsin-Madison, USA
Victor S. Y. Lo: University of British Columbia, Canada
William T. Ziemba: University of British Columbia, Canada

Chapter 43 in Efficiency of Racetrack Betting Markets, 2008, pp 445-446 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractExotic bets are wagers involving two or more horses, and a variety of them are offered by tracks. Quinellas require one to predict the first two finishers in a race. Exactas (or perfectas) also require one to predict the first two horses in a race, but additionally one needs to predict their order of finish. The trifecta involves naming the first three finishers in the correct order. In a double (or daily double) bet, one must select the winner of two consecutive races. The double concept has been extended to predicting winners of three, four, six, and more consecutive race, providing the public extremely low probability but high payoff wagers. This section is concerned with the efficiency of these markets…

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