EXPLORING VARIATIONS IN ODDS BIAS ACROSS BETTING MEDIA

The favourite-longshot bias is estimated for bookmaker odds from 9,006 UK Flat races, and compared to the bias evident in a sample of betting exchange odds from 6,000 races during the same period. The results are compared to similar studies of bias in Tote odds and US pari-mutuel odds. It is suggested that an information model only partially explains variations in the degree of bias between alternative betting media.