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There is growing interest among academics and policymakers in the economics of gambling, which has been stimulated by major regulatory and tax changes in the U.S., U.K. Continental Europe, Asia, Australia and elsewhere. Unfortunately, there is no comprehensive source of path-breaking research on this topic. To fill this gap, we commissioned chapters from leading economists on all aspects of gambling research. Topics covered include the optimal taxation structure for various forms of gambling, factors influencing the demand and supply of gambling services, forecasting of gambling trends, regulation of gambling, the efficiency of racetrack and sports betting markets, gambling prevalence and behavior, modeling the demand for gambling services, the economic impact of gambling, substitution and complementarities among different types of gambling activity, and the relationship between gambling and other sectors of the economy. These are all important issues, with significant global implications. Specifically, we divide the Handbook into sections on casinos, sports betting, horserace betting, betting strategy, motivation, behavior and decision-making in betting markets, prediction markets and political betting, and lotteries and gambling machines
Leighton Vaughan Williams is Head of Economics Research and Director of the Betting Research Unit and Political Forecasting Unit at Nottingham Business School, Nottingham Trent University
Donald S. Siegel is Professor and Dean of the School of Business at the University at Albany, SUNY
Table of Contents
Introduction SECTION I: CASINOS 1. The Employment Impact of Casino Gambling in the U.S., Gary Anders 2. The Economics of Casino Taxation, John E. Anderson 3. The Elasticity of Casino Gambling Mark W. Nichols and Mehmet Serkan Tosun 4. The Economics of Asian Casino Gaming and Gambling Ricardo Chi Sen Siu 5. How Does Implementation of a Smoking Ban Affect Gaming?, John C. Navin, Timothy S. Sullivan, and Warren D. Richards 6. Overview of the Economics and Social Impacts of Gambling in the United States, Douglas M. Walker
SECTION II: SPORTS BETTING 7. The Economics of Online Sports Betting, George Diemer and Ryan M. Rodenberg 8. The Football Pools, David Forrest and Levi Pérez 9. The Efficiency of Soccer Betting Markets, John Goddard 10. The Efficiency of Pelota Betting Markets, Loreto Llorente, Josemari Aizpurua, and Javier Puértolas 11. The Lure of the Pitcher: How the Baseball Betting Market is Influenced by Elite Starting Pitchers, Rodney J. Paul, Andrew P. Weinbach, and Brad R. Humphreys 12. Information Efficiency in High-Frequency Betting Markets, J. James Reade and John Goddard
SECTION III: HORSERACE BETTING 13. On the Long-Run Sustainability of Tote Betting Markets, David Edelman 14. The Economics of Racetrack-Casino (Racino) Gambling, Richard Thalheimer 15. The Modern Racing Landscape and the Racetrack Wagering Market: Components of Demand, Subsidies, and Efficiency, Ramon P. DeGennaro and Ann B. Gillette 16. What Explains the Existence of an Exchange Overround?, David Marginson 17. Insider Trading in Betting Markets, Adi Schnytzer 18. Pricing Decisions and Insider Trading in Fixed-Odds Horse Betting Markets, Adi Schnytzer, Vasiliki Makropoulo, and Martien Lamers
SECTION IV: BETTING STRATEGY 19. Betting on Simultaneous Events and Accumulator Gambles, Andrew Grant 20. A Primer on the Mathematics of Gambling, Robert C. Hannum 21. The Science and Economics of Poker, Robert C. Hannum 22. The Kelly Criterion with Games of Chance, Leonard C. Maclean and William T. Ziemba 23. Exploiting Expert Analysis? Evidence from Event Studies in an Information-Rich Market Environment, Michael A. Smith
SECTION V: MOTIVATION, BEHAVIOR AND DECISION-MAKING IN BETTING MARKETS 24. Betting Motivation and Behavior, Alistair Bruce 25. Motivation in Betting Markets: Speculation, Calculus, or Fun?, Les Coleman 26. Evidence of Biased Decision-Making in Betting Markets, David McDonald, Ming-Chien Sung, and Johnnie Johnson 27. Behavioral Finance and Point-Spread Wagering Markets, Greg Durham
SECTION VI: PREDICTION MARKETS AND POLITICAL BETTING 28. A Simple Automated Market Maker for Prediction Markets, David Johnstone 29. The Long History of Political Betting Markets: An International Perspective, Paul W. Rhode and Koleman Strumpf
SECTION VII: LOTTERIES AND GAMBLING MACHINES 30. The Efficiency of Lottery Markets, David Forrest and O. David Gulley 31. The National Lottery, John Lepper and Stephen Creigh-Tyte 32. The Benefits and Costs of Slot Machine Gambling, Scott Farrow and Chava Carter 33. The Economics of Lotteries: A Survey of the Literature, Kent Grote and Victor A. Matheson 34. The Taxation of Gambling Machines: A Theoretical Perspective, Leighton Vaughan Williams and David Paton