Gulati, Anil; Shetty, Shekar - In: Journal of Economics and Finance 31 (2007) 1, pp. 49-58
Sports bettors' success depends on the ability to accurately assess the true probability of outcomes. Successful racetrack bettors can realize returns better than the track take out. Historical empirical evidence shows the presence of favorite-longshot bias (FLB) in horse racing where bettors...