The Late Betting Phenomenon in Relation to Type of Bet and Type of Race

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Abstract
A survey of 982 betting slips collected within a U.K. bookmaker's office concluded that the vast majority of bets were placed just before the start, or off, of a race. Further analysis revealed that the shorter the race the nearer the majority of bets were placed to the off. Three types of bet were identified: the single bet that involved the backing of one runner in one race (type 1), the multiple bet that involved the backing of more than one runner in a single race (type 2), and the accumulator bet that involved the backing of one runner in each race but over a succession of races (type 3). It was concluded that for horse racing the majority of late bets were type 1, whereas in dog racing most late bets were of the type 2 variety. These results are discussed with reference to a number of theoretical interpretations.

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