Johnson, J.E.V.; Peel, D.; Peirson, J. - In: Economics Letters 109 (2010) 2, pp. 82-84
Pari-mutuel odds for longshots in UK horseraces exceed those offered by bookmakers. This effect is less for winning compared to losing horses and is explained by informed gamblers betting disproportionately with the pari-mutuel on winning horses.
