Biases in assessments of probabilities: New evidence from greyhound races

This paper investigates biases in the perceptions of probabilities using da ta from the 1989 and 1994 seasons at the Woodlands greyhound park in Kansas City, Kansas. Results reveal consistent evidence that the gambler's fallac y exists, The results also reveal that gamblers overestimate the probabilit y of a win by the favorite and the dog in the "lucky" seven position. Howev er, the comparison also suggests some learning by bettors between the first season of operation in 1989 and the 1994 season.