Description
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
Table of Contents
IntroductionSECTION I: CASINOS1. The Employment Impact of Casino Gambling in the U.S., Gary Anders2. The Economics of Casino Taxation, John E. Anderson3. The Elasticity of Casino Gambling Mark W. Nichols and Mehmet Serkan Tosun4. The Economics of Asian Casino Gaming and Gambling Ricardo Chi Sen Siu5. How Does Implementation of a Smoking Ban Affect Gaming?, John C. Navin, Timothy S. Sullivan, and Warren D. Richards6. Overview of the Economics and Social Impacts of Gambling in the United States, Douglas M. WalkerSECTION II: SPORTS BETTING7. The Economics of Online Sports Betting, George Diemer and Ryan M. Rodenberg8. The Football Pools, David Forrest and Levi Pérez9. The Efficiency of Soccer Betting Markets, John Goddard10. The Efficiency of Pelota Betting Markets, Loreto Llorente, Josemari Aizpurua, and Javier Puértolas11. 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. Humphreys12. Information Efficiency in High-Frequency Betting Markets, J. James Reade and John GoddardSECTION III: HORSERACE BETTING13. On the Long-Run Sustainability of Tote Betting Markets, David Edelman14. The Economics of Racetrack-Casino (Racino) Gambling, Richard Thalheimer15. The Modern Racing Landscape and the Racetrack Wagering Market: Components of Demand, Subsidies, and Efficiency, Ramon P. DeGennaro and Ann B. Gillette16. What Explains the Existence of an Exchange Overround?, David Marginson17. Insider Trading in Betting Markets, Adi Schnytzer18. Pricing Decisions and Insider Trading in Fixed-Odds Horse Betting Markets, Adi Schnytzer, Vasiliki Makropoulo, and Martien LamersSECTION IV: BETTING STRATEGY19. Betting on Simultaneous Events and Accumulator Gambles, Andrew Grant20. A Primer on the Mathematics of Gambling, Robert C. Hannum21. The Science and Economics of Poker, Robert C. Hannum22. The Kelly Criterion with Games of Chance, Leonard C. Maclean and William T. Ziemba23. Exploiting Expert Analysis? Evidence from Event Studies in an Information-Rich Market Environment, Michael A. SmithSECTION V: MOTIVATION, BEHAVIOR AND DECISION-MAKING IN BETTING MARKETS24. Betting Motivation and Behavior, Alistair Bruce25. Motivation in Betting Markets: Speculation, Calculus, or Fun?, Les Coleman26. Evidence of Biased Decision-Making in Betting Markets, David McDonald, Ming-Chien Sung, and Johnnie Johnson27. Behavioral Finance and Point-Spread Wagering Markets, Greg DurhamSECTION VI: PREDICTION MARKETS AND POLITICAL BETTING28. A Simple Automated Market Maker for Prediction Markets, David Johnstone29. The Long History of Political Betting Markets: An International Perspective, Paul W. Rhode and Koleman StrumpfSECTION VII: LOTTERIES AND GAMBLING MACHINES30. The Efficiency of Lottery Markets, David Forrest and O. David Gulley31. The National Lottery, John Lepper and Stephen Creigh-Tyte32. The Benefits and Costs of Slot Machine Gambling, Scott Farrow and Chava Carter33. The Economics of Lotteries: A Survey of the Literature, Kent Grote and Victor A. Matheson34. The Taxation of Gambling Machines: A Theoretical Perspective, Leighton Vaughan Williams and David Paton
