Authors: Hurley, William; McDonough, Lawrence

Source: The Journal of Gambling Business and Economics, Volume 1, Number 1, February 2007 , pp. 3-12(10)

Publisher: University of Buckingham Press

Abstract:

In the study of wagering markets, it is generally the case that the objective probabilities of various contestants (horses, teams, etc.) winning do not match those implied by the betting. More often than not favourites are underbet and longshots overbet, although some studies have found the reverse. We offer an explanation in the case where there is imperfect competition among book-makers and heterogeneous expectations among bettors.

Document Type: Research article

Publication date: 2007-02-01

More about this publication?

• Editorial Board
• Information for Authors
• Subscribe to this Title
• ingentaconnect is not responsible for the content or availability of external websites

Related content

• In this: publication
• By this: publisher
• By this author: Hurley, William ;  McDonough, Lawrence

Website © Publishing Technology. Article copyright remains with the publisher, society or author(s) as specified within the article.

• Terms and conditions
• Privacy policy
• Information for advertisers