Against a background of extraordinary growth in the popularity of betting and gaming across many countries of the world, there has never been a greater need for a study into gambling's most important factor - its economics.
This collection of original contributions drawn from such leading experts as David Peel, Stephen Creigh-Tyte, Raymond Sauer and Donald Siegel covers such interesting themes as:
*betting on the horses
*over-under betting in football games
*national lotteries and lottery fatigue
*demand for gambling
*economic impact of casino gambling
This timely and comprehensive book covers all the bases of the economics of gambling and is a valuable and important contribution to the ongoing and growing debates. The Economics of Gambling will be of use to academics and students of applied, industrial and mathematical economics as well as of being vital reading for those involved and interested in the gambling industry.
Table of Contents
1. Introduction 2. The favourite-longshot bias and the Gabriel and Marsden anomaly: an explanation based on utility theory 3. Is the presence of insider traders necessary to give rise to a favourite-longshot bias? 4. Pari-mutual place betting in Great Britain and Ireland: an extraordinary opportunity 5. Betting at British racecourses: a comparison of efficiency of betting with bookmakers and at the Tote 6. Breakage, turnover, and betting market efficiency: new evidence from Japanese horse tracks 7. The impact of tipster information on bookmakers' prices in UK horserace markets 8. On the marginal impact of information and arbitrage 9. Covariance decompositions and betting markets: early insights using data from French trotting 10. A competitive horse-race handicapping algorithm based on analysis of covariance 11. Efficiency in the handicap and index betting markets for English rugby league 12. Efficiency of the over-under betting market for National League Football Games 13. Player injuries and price responses in the point spread wagering market 14. Is the UK National Lottery experiencing lottery fatigue? 15. Time-series modelling of lotto demand 16. Reconsidering the economic impact of Indian casino gambling 17. Investigating betting behaviour: a critical discussion of alternative methodological approaches 18. The Demand for Gambling: a review
Leighton Vaughan Williams is Professor of Economics and Finance, and Director of the Betting Research Unit at the Nottingham Trent University, UK
'The Economics of Gambling will be useful to academics and students of applied, industrial and mathematical economics.' - Book Reviews
'The Economics of Gambling is a collection of 18 articles by 29 contributors edited by the well-known writer on gambling economics, Leighton Vaughan Williams. The articles are published for the first-time here.'- Book Reviews