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Horse Racing

  1. John Bacon-Shone

Published Online: 15 JUN 2010

DOI: 10.1002/9780470400531.eorms0386

Wiley Encyclopedia of Operations Research and Management Science

Wiley Encyclopedia of Operations Research and Management Science

How to Cite

Bacon-Shone, J. 2010. Horse Racing. Wiley Encyclopedia of Operations Research and Management Science. .

Author Information

  1. The University of Hong Kong, Social Sciences Research Centre, Hong Kong, China

Publication History

  1. Published Online: 15 JUN 2010

Abstract

Horse racing is a popular sport in many countries for racing on the flat, over obstacles, and with carts, because of the associated gambling. The wide range of bets available have attracted wide academic interest in predicting the outcomes, testing for efficiency of the betting markets, constructing betting systems, and predicting the turnover. This article discusses the key modeling issues raised in these different contexts, including the arguments about how to account for decreasing incentives down the finishing order and whether the inefficencies found are caused by risk preference or biased expectations.

Keywords:

  • steeplechase racing;
  • trotting;
  • pari-mutuel betting;
  • finishing order;
  • efficient markets;
  • long-shot bias;
  • betting turnover