The University of Southampton
University of Southampton Institutional Repository

Semi-strong form efficiency in the horserace betting market

Sung, Ming-Chien and Johnson, Johnnie (2008) Semi-strong form efficiency in the horserace betting market In, Constantinides, G., Markowitz, H.M., Merton, R.C., Myers, S.C., Samuelson, P.A., Sharpe, W.F., Arrow, Kenneth, Hausch, Donald and Ziemba, W.T. (eds.) Handbook of Sports and Lottery Markets. Amsterdam, NL, Elsevier pp. 275-306. (Handbooks in Finance).

Record type: Book Section


This paper reviews the literature addressing the degree to which abnormal returns can be earned in horse race betting markets using publicly available information, other than odds alone. Consequently, the chapter examiners the extent to which horse race betting markets are semi-strong form efficient. The conclusion to emerge is that horse race betting markets incorporate a significant amount of publicly available information. Bettors appear good at discounting simple, single variable information. However, they do not efficiently discount more complex information. Studies that examine the simultaneous effect of several variables on race outcome demonstrate that bettors often do not react to the subtle relationships that exist between variables.

Full text not available from this repository.

More information

Published date: September 2008


Local EPrints ID: 51340
ISBN: 0444507442
PURE UUID: 2fa01737-1807-4317-801c-b2bae79d2fd8

Catalogue record

Date deposited: 18 Jun 2008
Last modified: 17 Jul 2017 14:48

Export record


Author: Ming-Chien Sung
Author: Johnnie Johnson
Editor: G. Constantinides
Editor: H.M. Markowitz
Editor: R.C. Merton
Editor: S.C. Myers
Editor: P.A. Samuelson
Editor: W.F. Sharpe
Editor: Kenneth Arrow
Editor: Donald Hausch
Editor: W.T. Ziemba

University divisions

Download statistics

Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.

View more statistics

Atom RSS 1.0 RSS 2.0

Contact ePrints Soton:

ePrints Soton supports OAI 2.0 with a base URL of

This repository has been built using EPrints software, developed at the University of Southampton, but available to everyone to use.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive cookies on the University of Southampton website.