Gluck’s Second Law: an empirical investigation of horse-race betting in early and late races

The chapter proceeds as follows. The first section briefly reviews the existing literature relating to the atypical behaviour of bettors on later races. The second section explains the methodology used together with the nature of the database. The third section outlines the procedures employed to investigate the nature of betting behaviour in early and late races and reports analyses of the data. A discussion of the results in relation to existing literature is provided in the last section.