In the empirical work to be conducted, data on bet volumes, odds and race outcomes will be obtained from the Japanese Racing Authority and the Hong Kong Jockey Club. An outcome of the proposed research will be new and original empirical results in the study of horse track gambling that will be directly comparable with results already published. What distinguishes this work from all previous research on horse track gambling is its analysis of exotic bets - including the quinella, bracketed quinella, and quinella place - to test the hypothesis of betting market efficiency.

Status (Complete)

This research investigation analyzed exotic bets – including the quinella, bracketed quinella, and quinella place – to test the hypothesis of betting market efficiency. In the empirical work conducted, data on bet volumes, odds, and race outcomes were obtained from the Japanese Racing Authority and the Hong Kong Jockey Club, the only high-bet-volume tracks in the world where it was possible to readily obtain betting data on these types of exotic wagers. The research project has generated a substantive contribution to better understanding of market efficiency in exotic bets.

A public lecture entitled “Betting behavior at Japanese horse tracks” was delivered by W. D. Walls to the School of Economics, Thammasat University, Bangkok, Thailand on September 5, 2006. The presentation was a preliminary version of this research.