Hoff, Philipp Heinrich - In: Journal of Gambling Business and Economics 7 (2013) 2, pp. 19-32
The article deals with the question, if odds derived from the behavior of bettors in a pari-mutuel setting really reflect the chances of winning for a particular horse in a particular race. Using a unique data set with more than 46,000 race observations from Germany for the years 2001 to 2003...