Pari-Mutuel Betting Markets: Racetracks and Lotteries Revisited

Literature Cited

1. Akst D. 1989. This is like stealing. Forbes 13:Nov.142–44
   [Google Scholar]
2. Ali M. 1977. Probability and utility estimates for racetrack bettors. J. Political Econ. 85:803–15
   [Google Scholar]
3. Ali M. 1979. Some evidence of the efficiency of a speculative market. Econometrica 47:387–92
   [Google Scholar]
4. Barberis N, Thaler RH 2003. A survey of behavioural finance. Handbook of the Economics of Finance, Vol. 1 GM Constantinides, M Harris, RM Stulz 1053–128. Amsterdam: North Holland
   [Google Scholar]
5. Benter W 1994. Computer based horse race handicapping. Efficiency of Racetrack Betting Markets DB Hausch, VSY Lo, WT Ziemba 173–82. San Diego: Academic
   [Google Scholar]
6. Benter W 2008. Computer based horse race handicapping. Efficiency of Racetrack Betting Markets DB Hausch, VSY Lo, WT Ziemba 183–98. Singapore: World Scientific. , 2nd ed..
   [Google Scholar]
7. Beyer A. 2013. Gulfstream gimmick is irresistible at this point, but play it sensibly. Washington Post, April 3
   [Google Scholar]
8. Bolton RN, Chapman RG. 1986. Searching for positive returns at the track: a multinomial logit model for handicapping horse races. Manag. Sci. 32:1040–60
   [Google Scholar]
9. Busche K 1994. Efficient market results in an Asian setting. Efficiency of Racetrack Betting Markets DB Hausch, VSY Lo, WT Ziemba 615–16. New York: Academic
   [Google Scholar]
10. Busche K, Hall C. 1988. An exception to the risk preference anomaly. J. Bus. 61:337–46
    [Google Scholar]
11. Chapman RG 1994. Still searching for positive returns at the track: empirical results from 2000 Hong Kong races. Efficiency of Racetrack Betting Markets DB Hausch, VSY Lo, WT Ziemba 173–81. New York: Academic
    [Google Scholar]
12. Chopra VK, Ziemba WT. 1993. The effect of errors in mean, variance and covariance estimates on optimal portfolio choice. J. Portf. Manag. 19:6–11
    [Google Scholar]
13. Conlisk J. 1993. The utility of gambling. J. Risk Uncertain. 6:255–75
    [Google Scholar]
14. Dana JD, Knetter M. 1994. Learning and efficiency in a gambling market. Manag. Sci. 40:101317–28
    [Google Scholar]
15. Dansie B. 1983. A note on permutation probabilities. J. R. Stat. Soc. B 45:122–24
    [Google Scholar]
16. Euler R, Ziemba WT. 2022. On Steiner systems, minimal coverings, and some applications Tech. Rep. Univ. British Columbia Vancouver, Can.:
17. Fabricand B. 1965. Horse Sense: A New and Rigorous Application of Mathematical Methods to Successful Betting at the Track New York: MaKay
18. Fama EF. 1970. Efficient capital markets: a review of theory and empirical work. J. Finance 25:383–417
    [Google Scholar]
19. Fama EF. 1991. Efficient capital markets II. J. Finance 46:1575–617
    [Google Scholar]
20. Friedman M, Savage I. 1948. The utility analysis of choices involving risk. J. Political Econ. 56:279–304
    [Google Scholar]
21. Gergaud O, Ziemba WT. 2012. Great investors: their methods, results, and evaluation. J. Portf. Manag. 28:4128–47
    [Google Scholar]
22. Gramm M, Ziemba WT 2008. The dosage breeding theory for horse racing predictions. Handbook of Sports and Lottery Markets DB Hausch, WT Ziemba 307–40. Amsterdam: North Holland
    [Google Scholar]
23. Griffith R. 1949. Odds adjustments by American horse-race bettors. Am. J. Psychol. 62:290–94
    [Google Scholar]
24. Haigh J. 2008. The statistics of lotteries. Handbook of Sports and Lottery Markets DB Hausch, WT Ziemba 481–502 Handb. Finance Ser San Diego: Elsevier
    [Google Scholar]
25. Harville DA. 1973. Assigning probabilities to the outcomes of multi-entry competitions. J. Am. Stat. Assoc. 68:312–16
    [Google Scholar]
26. Hausch DB, Bain R, Ziemba WT. 2006. An application of expert information to win betting on the Kentucky Derby, 1981–2001. Eur. J. Finance 12:4283–302
    [Google Scholar]
27. Hausch DB, Lo V, Ziemba WT, eds. 1994. Efficiency of Racetrack Betting Markets New York: Academic
28. Hausch DB, Lo V, Ziemba WT, eds. 2008. Efficiency of Racetrack Betting Markets. Singapore: World Scientific. , 2nd ed..
29. Hausch DB, Ziemba WT. 1985. Transactions costs, extent of inefficiencies, entries and multiple wagers in a racetrack betting model. Manag. Sci. 31:381–94
    [Google Scholar]
30. Hausch DB, Ziemba WT. 1990a. Arbitrage strategies for cross track betting on major horseraces. J. Bus. 63:61–78
    [Google Scholar]
31. Hausch DB, Ziemba WT. 1990b. Locks at the racetrack. Interfaces 20:341–48
    [Google Scholar]
32. Hausch DB, Ziemba WT, eds. 2008. Handbook of Sports and Lottery Markets Amsterdam: North Holland
33. Hausch DB, Ziemba WT, Rubinstein ME. 1981. Efficiency of the market for racetrack betting. Manag. Sci. 27:1435–52
    [Google Scholar]
34. Henery RJ. 1981. Permutation probabilities as models for horse races. J. R. Stat. Soc. B 43:86–91
    [Google Scholar]
35. Hodges S, Tompkins RG, Ziemba WT. 2004. The long-shot biases in gambling and options markets. Work. Pap. Univ. British Columbia Vancouver, Can.:
36. Jackson D, Waldron P. 2003. Pari-mutuel place betting in Great Britain and Ireland: an extraordinary opportunity. The Economics of Gambling L Vaughan Williams 18–29. New York: Routledge
    [Google Scholar]
37. Julien B, Salanie B 2000. Estimating preferences under risk: the case of racetrack bettors. J. Political Econ 108503–30
    [Google Scholar]
38. Kahneman D, Tversky A. 1984. Choices, values and frames. Am. Psychol. 39:4341–50
    [Google Scholar]
39. Kelly J. 1956. A new interpretation of information rate. Bell Syst. Technol. J. 35:917–26
    [Google Scholar]
40. Kendall M. 1953. The analysis of economic time-series, part I: prices. J. R. Stat. Soc. A 116:111–25
    [Google Scholar]
41. Lane D, Ziemba WT 2008. Arbitrage and risk arbitrage in team jai alai. Handbook of Sports and Lottery Markets D Hausch, WT Ziemba 253–71. Amsterdam: North Holland
    [Google Scholar]
42. MacLean LC, Thorp EO, Zhao Y, Ziemba WT. 2011. How does the Fortune's Formula-Kelly capital growth model perform?. J. Portf. Manag. 37:496–111
    [Google Scholar]
43. MacLean LC, Thorp EO, Ziemba WT. 2010. Long-term capital growth: the good and bad properties of the Kelly and fractional Kelly capital growth criterion. Quant. Finance 10:7681–87
    [Google Scholar]
44. MacLean LC, Thorp EO, Ziemba WT, eds. 2011. The Kelly Capital Growth Investment Criterion Singapore: World Scientific
45. MacLean LC, Ziemba WT. 2022. The COVID-19 NFL playoffs and Super Bowl, 2020–2021. Sports Analytics World Scientific Series in Finance , Vol. 18201–37. Singapore: World Scientific
    [Google Scholar]
46. Markowitz H. 1952. The utility of wealth. J. Political Econ. 60:151–58
    [Google Scholar]
47. McGlothin W. 1956. Stability of choices among uncertain alternatives. Am. J. Psychol. 69:604–15
    [Google Scholar]
48. Moffitt SD, Ziemba WT. 2019a. A risk arbitrage strategy for lotteries. Wilmott 2019:10052–62
    [Google Scholar]
49. Moffitt SD, Ziemba WT. 2019b. Does it pay to buy the pot in the Canadian 6/49 Lotto? Implications for lottery design. Wilmott 2019:10142–53
    [Google Scholar]
50. Ottaviani M, Sorensen PN. 2008. The favorite-longshot bias: an overview of the main explanations. Handbook of Sports and Lottery Markets DB Hausch, WT Ziemba Amsterdam: North Holland
    [Google Scholar]
51. Ottaviani M, Sorensen PN. 2015. Price reaction to information with heterogeneous beliefs and wealth effects: underreaction, momentum, and reversal. Am. Econ. Rev. 105:11–34
    [Google Scholar]
52. Roll R. 1977. A critique of the asset pricing theory's tests, part 1: on past and potential testability of the theory. J. Financ. Econ. 4:129–76
    [Google Scholar]
53. Roman SA. 2016. Pedigree and performance in thoroughbred racing Rev. Rep. https://saroman7.wixsite.com/dosage
54. Savage I. 1957. Contributions to the theory of rank order statistics—the trend case. Ann. Math. Stat. 28:968–77
    [Google Scholar]
55. Smith M, Paton D, Vaughan Williams L. 2009. Do bookmakers possess superior skills to bettors in predicting outcomes?. J. Econ. Behav. Organ. 71:2539–49
    [Google Scholar]
56. Smith M, Vaughan Williams L. 2010. Forecasting horse race outcomes: new evidence on odds bias in UK betting markets. Int. J. Forecast. 26:3543–50
    [Google Scholar]
57. Snowberg E, Wolfers J. 2008. Examining explanations of a market anomaly: Preferences or perceptions?. Handbook of Sports and Lottery Markets DB Hausch, WT Ziemba 103–36. Amsterdam: North Holland
    [Google Scholar]
58. Snowberg E, Wolfers J. 2010. Explaining the favorite-longshot bias: Is it risk-love or misperceptions?. J. Political Econ. 118:723–46
    [Google Scholar]
59. Sung MC, Johnson J. 2008. Semi-strong form efficiency in the horse race betting market. Handbook of Sports and Lottery Markets DB Hausch, WT Ziemba 275–306. Amsterdam: North Holland
    [Google Scholar]
60. Thaler RH, Ziemba WT. 1988. Anomalies: parimutuel betting markets: racetracks and lotteries. J. Econ. Perspect. 2:161–74
    [Google Scholar]
61. Thorp EO. 1962. Beat the Dealer: A Winning Strategy for the Game of Twenty-One New York: Random House
62. Thorp EO 1975. Portfolio choice and the Kelly criterion. Stochastic Optimization Models in Finance WT Ziemba, RG Vickson 599–619. New York: Academic
    [Google Scholar]
63. Tompkins R, Ziemba WT, Hodges S 2008. The favorite-longshot bias in the S&P 500 and FTSE 100 index futures options: the return to bets and the cost of insurance. Handbook of Sports and Lottery Markets DB Hausch, WT Ziemba 161–80. Amsterdam: North Holland
    [Google Scholar]
64. Tversky A, Kahneman D. 1979. Prospect theory: an analysis of decisions under risk. Econometrica 47:2263–92
    [Google Scholar]
65. Vaughan Williams L 2005. Information Efficiency in Financial and Betting Markets Cambridge, UK: Cambridge Univ. Press
66. Vaughan Williams L 2012. The Economics of Gambling and National Lotteries Cheltenham, UK: Edward Elgar Pub.
67. Vaughan Williams L, Siegel DS, eds. 2013. The Oxford Handbook of the Economics of Gambling Oxford, UK: Oxford Univ. Press
68. Weitzman M. 1965. Utility analysis and group behavior: an empirical study. J. Political Econ. 73:118–26
    [Google Scholar]
69. Woodland LM, Woodland BM. 1994. Market efficiency and the favorite-longshot bias: the baseball betting market. J. Finance 49:269–79
    [Google Scholar]
70. Ziegler AJ, Ziemba WT. 2015. Returns from investing in S&P 500 futures options, 1985–2010. Handbook of Futures Markets, ed. A Malliaris, WT Ziemba 643–88. Singapore: World Scientific
    [Google Scholar]
71. Ziemba WT. 2005. The symmetric downside-risk Sharpe ratio. J. Portf. Manag. 32:1108–22
    [Google Scholar]
72. Ziemba WT 2008. Efficiency of racetrack betting markets. In Handbook of Sports and Lottery Markets ed. DB Hausch, WT Ziembapp. 183–221 Handb. Finance Ser. Amsterdam: North Holland
    [Google Scholar]
73. Ziemba WT. 2012. Calendar Anomalies and Arbitrage Singapore: World Scientific
74. Ziemba WT. 2015. Response to Paul A Samuelson letters and papers on the Kelly capital growth investment model. J. Portf. Manag. 42:1153–67
    [Google Scholar]
75. Ziemba WT. 2017. Adventures of a Modern Renaissance Academic in Investing and Gambling Singapore: World Scientific
76. Ziemba WT. 2019a. Exotic Betting at the Racetrack Singapore: World Scientific
77. Ziemba WT. 2019b. The Pick 6 and the Rainbow Pick 6. Wilmott 2019:10470–81
    [Google Scholar]
78. Ziemba WT 2020. Parimutuel betting markets: racetracks and lotteries revisited. Discuss. Pap. 103 Syst. Risk Cent., London Sch. Econ. Political Sci. London: https://www.systemicrisk.ac.uk/sites/default/files/2020-09/dp-103.pdf
79. Ziemba WT, Brumelle S, Gautier A, Schwartz S. 1986. Dr. Z's 6/49 Lotto Guidebook Vancouver: Dr Z Invest.
80. Ziemba WT, Hausch DB. 1984. Beat the Racetrack San Diego: Harcourt, Brace and Jovanovich
81. Ziemba WT, Hausch DB. 1986. Betting at the Racetrack Vancouver: Dr Z Invest.
82. Ziemba WT, Hausch DB. 1987. Dr Z's Beat the Racetrack New York: William Morrow
83. Ziemba WT, MacLean LC. 2018. Dr Z's NFL Guidebook Singapore: World Scientific
84. Ziemba WT, Vickson RG, eds. 1975. Stochastic Optimization Models in Finance. New York: Academic