Parimutuel betting markets: racetracks and lotteries revisited

Publication Date
Systemic Risk Centre Discussion Papers DP 103
Publication Date
Financial Markets Group Discussion Papers DP 814
Publication Authors

This paper surveys the state of the art in research in racetrack and lottery markets. Market efficiency and the pricing of various wagers is studied along with new developments since the Thaler and Ziemba JEP review. Other sports betting markets are also discussed. The role of syndicates, betting exchange rebates, behavioral biases and fundamental information is discussed.

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