Does betting experience matter in sequential risk taking in horse race wagering?

Jani Saastamoinen · Niko Suhonen

2 citations0/0 files storedEconomics and Business Letters

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Decision-Making and Behavioral Economics Sports Analytics and Performance Gambling Behavior and Treatments

Abstract

This paper examines how betting experience is associated with horse race bettors’ sequential risk taking. We use an individual-level data set of 5,217 individual bettors with 167,816 betting-related transactions. Our analyses suggest that inexperienced bettors take on more risk than experienced bettors do after they experience gains. We also find some indication that experienced bettors become more risk averse than inexperienced ones after incurring losses.

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1979Prospect Theory: An Analysis of Decision under Risk 1990Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice 1997Labor Supply of New York City Cabdrivers: One Day at a Time 2005Do Investor Sophistication and Trading Experience Eliminate Behavioral Biases in Financial Markets?2009What Drives the Disposition Effect? An Analysis of a Long‐Standing Preference‐Based Explanation 2004Neoclassical Theory Versus Prospect Theory: Evidence from the Marketplace 1988Anomalies: Parimutuel Betting Markets: Racetracks and Lotteries 2000Prospect Theory in the Wild: Evidence from the Field

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