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Power-law distribution in Japanese racetrack betting

โœ Scribed by Takashi Ichinomiya

Book ID
104078126
Publisher
Elsevier Science
Year
2006
Tongue
English
Weight
176 KB
Volume
368
Category
Article
ISSN
0378-4371

No coin nor oath required. For personal study only.

โœฆ Synopsis

Gambling is one of the basic economic activities that humans indulge in. An investigation of gambling activities provides deep insights into the economic actions of people and sheds lights on the study of econophysics. In this paper we present an analysis of the distribution of the final odds of the races organized by the Japan Racing Association. The distribution of the final odds P o รฐxรž indicates a clear power-law P o รฐxรž / 1=x, where x represents the final odds. This power-law can be explained on the basis of the assumption that every bettor bets his money on the horse that appears to be the strongest in a race.

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