Bruce, A.C.; Johnson, J.E.V.; Peirson, J. - In: Economics Letters 114 (2012) 2, pp. 172-174
Using a novel dataset, which allows comparisons across heterogeneous sub-groups of pari-mutuel bettors, we demonstrate significant behaviour and performance distinctions between recreational and professional investors. Professionals’ ability to earn abnormal returns on short odds horses in...
