A note on adverse selection from thoroughbred wagering - further evidence in Australia

Robert Wrathall

Research output: Contribution to journalArticleResearchpeer-review

Abstract

Chezum and Wimmer (2000) show the impact of asymmetric information in the American thoroughbred industry by demonstrating that homebreds (horses retained and raced by their breeders), on average, have lower betting odds than otherwise similar nonhomebreds. In this paper we test their hypothesis in the Australian thoroughbred industry. While we find no relationship between lower betting odds and homebreds when we use their model, we are still able to support their conclusion when we use a logistic model to measure the relationship between homebred and horse performance.
Original languageEnglish
Pages (from-to)71-79
Number of pages9
JournalThe Journal of Gambling Business and Economics
Volume7
Issue number2
DOIs
Publication statusPublished - 2013

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