Speculation on racing odds in India

Horse racing has existed in India since the British established race clubs across the continent as places for socializing and legal gambling. Today, betting on horses in Delhi is a form of speculation, where bettors not only calculate probabilities of horses, but try to figure out insider knowledge...

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Bibliographic Details
Published inEconomy and society Vol. 49; no. 1; pp. 170 - 186
Main Author Puri, Stine Simonsen
Format Journal Article
LanguageEnglish
Published Abingdon Routledge 02.01.2020
Taylor & Francis LLC
Subjects
acceleration
Clubs
Cosmology
Finance
Gambling
Horse racing
Horses
India
Market strategy
Markets
odds
Psychology
Race
Racing
speculation
Sports
Strategies
Uncertainty
India
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Summary:Horse racing has existed in India since the British established race clubs across the continent as places for socializing and legal gambling. Today, betting on horses in Delhi is a form of speculation, where bettors not only calculate probabilities of horses, but try to figure out insider knowledge of rigged races by observing the odds. This becomes particularly evident when betting odds on a particular horse suddenly change with an accelerating speed because people start betting for the same horse - a phenomenon, in finance, known as 'herding'. Inspired by Clifford Geertz' study of the connection between betting odds and deep play, the study identifies deeper causes of market volatility, beyond market strategies and crowd psychology, in the cosmology of uncertainty of the society in which the speculative market is located.
ISSN:0308-5147
1469-5766
DOI:10.1080/03085147.2020.1712856