Conditional on the Shin (Economic Journal, 103, 1993) model, the incidence of insider trading is estimated in two different British betting markets: those for horse-racing and the 1997 general election. Formal testing confirms that insider trading is significantly lower in handicap than...

Using data on 'spread' betting odds for rugby league football this study shows that handicap odds are unbiased and efficient predictors of match results and that, as a proxy for match uncertainty of outcomes, the handicap value is a significant determinant of attendance.