The Economics of Gambling [Paperback]

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 Gamblingwill 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.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 inl'