Introduction to the Efficiency of Racetrack Betting Markets in England

AbstractThe parimutuel betting system utilizing electric tote boards is the dominant method of betting at Noah American racetracks. Under the parimutuel system, the win bet fractions may be interpreted as consensus subjective win probabilities provided by the public. In England, and in other Commonwealth countries, such as Australia and New Zealand and other European countries, such as Italy and France, the dominant system is the fixed-odds system where it is bookies who establish and offer the odds…