JockeyBench uses Japanese horse racing to test LLM agents — all betting strategies lose money

Zhongwei Xie · hf · 2026-10-27

A HKUST-led team released JockeyBench, a benchmark studying repeated event forecasting by LLM agents through historical Japanese horse racing, with time-gated evidence, priced tools, paired frozen-program controls, and two workflows (LLM-written predictive code vs. direct forecasting).

Key findings: reusable predictors improve efficiency, but every configuration yields negative average betting returns — predictive advantage does not automatically translate into profitable decisions.

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