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| Author: | Bird, R. McCrae, M. |
| Title: | Tests of the efficiency of racetrack betting using bookmaker odds. |
| Journal: | Management Science
1987 : DEC, VOL. 33:12, p. 1552-1562 |
| Index terms: | GAMBLING INDUSTRY |
| Language: | eng |
| Abstract: | The market for betting on horse races is evaluated. The data used are derived from bookmaker odds. The availability of a series of prices throughout betting facilities; the use of filter tests to evaluate market efficiency. The conclusion is that this gambling market is efficient in the use of information supplied via both the movements in odds during the course of betting and the selections of newspaper tipsters. However, there is evidence to suggest that those with access to private information can earn positive returns from gambling. |
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