Hauser, Ursula; Koenig, Ulrich; Krylova, Elizaveta - Department of Economics and Finance Research and … - 2000
A model for strategic behaviour in parimutuel gambles with unequal winning-probabilities is developed and applied to gambles based on soccer results. Assuming that the bookmakers' quotas reflect the true probability of each possible result of a soccer game, we are able to derive a formula for...