Lange, Jeffrey; Economides, Nicholas - In: European Financial Management 11 (2005) 1, pp. 25-49
"Parimutuel principles are widely used as an alternative to fixed odds gambling in which a bookmaker acts as a dealer by quoting fixed rates of return on specified wagers. A parimutuel game is conducted as a call auction in which odds are allowed to fluctuate during the betting period until the...