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Anomalies in the Gambling Market
Author(s) -
Tuckwell R. H.
Publication year - 1981
Publication title -
australian journal of statistics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.434
H-Index - 41
eISSN - 1467-842X
pISSN - 0004-9581
DOI - 10.1111/j.1467-842x.1981.tb00790.x
Subject(s) - odds , economics , financial economics , econometrics , actuarial science , mathematics , statistics , logistic regression
Summary Apparent irregularities between the win and the place betting markets in Australian horseracing are examined. Win odds are used to predict win probabilities from which place probabilities are estimated and compared with the place odds on offer. It is concluded that anomalies do in fact exist and are capable, in theory at least, of profitable exploitation.