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Ask the Experts / Re:HP: Figures vs. HK teams
« on: March 21, 2002, 03:22:29 PM »
I\'ve finally read the \"Wired\" article and would like to make two observations. First, I remember looking at Benter\'s paper in \"Efficiency of Racetrack Betting Markets\", where he describes what he\'s doing in Hong Kong and wasn\'t all that impressed. The kinds of data he was putting into his formulas were pretty simplistic, like \"Jockey\'s win %\", \"Lifetime earnings\", etc, etc. Secondly, didn\'t Bill Quirin do essentially the same thing as these guys are doing with his regression equations like 25 years ago?
. There\'s like a Darwinian natural selection going on that can\'t sustain itself. I.e., in order to survive in this game you have to be a good handicapper and bettor. If you\'re not, you won\'t survive (and you have to take up stamp collecting or lawn care as a hobby instead). So, the bad handicappers take their silly money with them, and the only ones that survive are good handicappers/bettors whose \"good\" betting creates a more and more efficient betting market, making it harder and harder to turn a profit for anybody even themselves. And now we have to contend with computers too?! Well, at least there\'s talk of legalizing slots at a track near me....