Smith, Michael A.; Paton, David; Williams, Leighton Vaughan - In: Journal of Economic Behavior & Organization 71 (2009) 2, pp. 539-549
In this paper we test the hypothesis that bookmakers display superior skills to bettors in predicting the outcome of sporting events by using matched data from traditional bookmaking and person-to-person exchanges. Employing a conditional logistic regression model on horse racing data from the...