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fbtwitterlinkedinvimeoflicker grey 14rssslideshare1
Languages: English
Types: Article
Subjects:
Established gambling operators have argued that person-to-person wagering on Internet ‘betting exchanges’ represents unfair competition. In this paper we suggest that, in fact, betting exchanges have brought about significant efficiency gains by lowering transaction costs for consumers. We test this hypothesis using matched data on UK horse racing from betting exchanges and from traditional betting media. In contrast to traditional betting media, we find that betting exchanges exhibit both weak and strong form market efficiency. Further, we find evidence that an information based model explains the well documented favourite-longshot bias more convincingly than traditional explanations based on risk preferences.
  • The results below are discovered through our pilot algorithms. Let us know how we are doing!

    • Cain, M., Law, D. and Peel, D. A. (2001a). The Relationship between two Indicators of Insider Trading in Racetrack Betting. Economica, 68, 97-104.
    • Cain, M., Law, D., and Peel, D.A. (2001b). The Incidence of Insider Trading in Betting Markets and the Gabriel and Marsden Anomaly. The Manchester School, 69 (2) 197- 207.
    • Cain, M., Law, D. and Peel, D.A. (2003). The Favourite-Longshot Bias, Bookmaker Margins and Insider Trading in a Variety of Betting Markets. Bulletin of Economic Research, 55, 263-73.
    • Hurley, W. and McDonough, L. (1995). A Note on the Hayek Hypothesis and the FavouriteLongshot Bias in Parimutuel Betting. American Economic Review, 85 (4), 949-955.
    • Law, D. and Peel, D.A (2002). Insider Trading, Herding Behaviour and Market Plungers in the British Horse-race Betting Market. Economica, 69, 327-338.
    • 0.1 0.2 0.3 0.4 Objective probability 0.5 0.6 0.7 0.1 0.2 0.3 0.4 Objective probability 0.5 0.6 0.7
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