Do Jockeys “Look to” or “Rest on” Their Laurels After a Sequence of Winning Rides?

We use Australian Thoroughbred racing data, including situational variables, to examine when a sequence of winning rides for a jockey initiates psychological momentum (PM) that makes a win on the next ride more or less likely, other things equal. Of the 42% of jockeys that exhibit PM, we find positive PM is much more common (80%) than negative PM; PM is more often precipitated by the first than the second win in the sequence; and the duration of PM is only a single ride in 90% of cases. The later the precipitating win in the sequence the more intense the PM generated. We find no evidence that PM is related to age, gender, or general riding ability. Although a broad strategy of betting on momentum-prone jockeys would result in losses, a more selective wagering strategy exploiting knowledge of when the PM is precipitated and its intensity, could generate a positive profit.