Bruce, Alistair, Johnson, Johnnie E. V., Peirson, John D. (2012) Recreational Versus Professional Bettors: Performance Differences and Efficiency Implications. Economics Letters, 114 (2). pp. 172-174. ISSN 0165-1765. (doi:10.1016/j.econlet.2011.10.014) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided) (KAR id:40549)
| The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided. | |
| Official URL: http://dx.doi.org/10.1016/j.econlet.2011.10.014 |
Abstract
Using a novel dataset, which allows comparisons across heterogeneous sub-groups of pari-mutuel bettors, we demonstrate significant behaviour and performance distinctions between recreational and professional investors. Professionals’ ability to earn abnormal returns on short odds horses in high volume markets challenges the existing empirical consensus, which offers very limited evidence of betting market inefficiency. The results offer important lessons for betting operators and regulators and highlight the potential for similar avenues of investigation in other speculative markets.
| Item Type: | Article |
|---|---|
| DOI/Identification number: | 10.1016/j.econlet.2011.10.014 |
| Additional information: | number of additional authors: 2; |
| Uncontrolled keywords: | Betting; Horse racing; Efficient markets |
| Subjects: | H Social Sciences > HB Economic Theory |
| Divisions: | Divisions > Division of Human and Social Sciences > School of Economics |
| Depositing User: | Stewart Brownrigg |
| Date Deposited: | 07 Mar 2014 00:05 UTC |
| Last Modified: | 05 Nov 2024 10:24 UTC |
| Resource URI: | https://kar.kent.ac.uk/id/eprint/40549 (The current URI for this page, for reference purposes) |
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