The University of Buckingham Press Journals
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Interdependent lotteries and the jackpot model of lottery demand
No full textBettors may view different gambles either as substitutes or complements. Assuming that the grand prize is the main driver of the demand for multi-prize lottery bets, this paper presents a theory of lottery sales maximization considering possible complementarity or substitutability among different lottery gambles offered by a single operator. Optimal payout ratios are derived accounting not only for interrelation among games but also for their relative popularity. The new profit optimization rule is then applied to a dataset of two Greek lotteries
The Volume-Price Relationship at the High-Frequency Scale: Evidence From DCC-GARCH
No full textThis article investigates the time-varying high-frequency price-volume relationship from two perspectives. At the high-frequency time scale, we show that the time varying conditional correlation between price and volume changes exhibits distinct excitational spike regimes that provide a rich set of patterns unexplored before. Impulse response analysis based on a high-frequency Vector-autoregressive specification show that volume has greater impact on price than vice versa. Our results therefore suggests that volume can be seen as a proxy for information flows. Due to market micro-structure contamination, we show that smoothing and pre-averaging is necessary to uncover the high-frequency relationship between price and volume
Understanding Chinese Gamblers' Adoption of Online Casinos based on E-Marketing Mix Model
No full textThis paper presents a quantitative study of online casino adoption based on the e-marketing mix model. The Internet has changed the business context of many industries. Online casino is one such rapidly growing industry. Different e-marketing approaches have been widely adopted by online casinos to attract more customers. In China, there are twice as many online gamblers as there are online shoppers. Due to the high population in China, the market potential is huge. The purpose of this study is to evaluate the impact of Chinese gamblers’ perceptions of e-marketing mix elements on their adoption of online casinos. The results can provide a reference for investors to develop more effective online casino businesses
THE AUSTRALIAN AND INDIAN CONSTITUTIONS, SIMILARITIES, DIFFERENCES AND THE CHALLENGE OF CONSTITUTIONAL CHOICE
Get PDFIn this article, based on an address to the India Law Institute in New Delhi, the author, a former Justice of the High Court of Australia lists ten features of the constitutions of Australia and India that exhibit similarities; ten features where there are sometimes marked differences; and two areas of operation that illustrate the fact that in constitutional adjudication, especially, judicial decision-makers face what Julius Stone described as “leeways for choice”. By reference to decisions in Australia and India on issues of race, aboriginality and human sexuality, the article identifies the inescapable challenge of choice and suggests useful guideposts
The Powerball Regressivity: An Evidence from the World's Largest Lottery Prize
No full textOn January 13, 2016, the largest jackpot prize in world history took place. In this paper, we examied the Powerball's regressivity from the 16th drawing with a jackpot prize of 1.5 billion. These last five drawings allowed us to examine whether the regressivity continues to decline and turns progressive as jackpot levels approach the billion-dollar mark. Our sample include Powerball sales from 44 states and the District of Columbia. Since the cost of living varied across states/jurisdictions, we used real lottery and income data to estimate income elasticity. For the 16th through 18th drawings, there is a positive relationship between jackpot level and income elasticity. However, on the 19th drawing with a jackpot of $949.8 million, the income elasticity declined to 0.554 from 0.900. On the 20th drawing, the income elasticity increased to 0.649 but remained below 0.900 reached on the 18th drawing
On Free Play and Tribal Gaming Taxes
No full textThere are a total of 243 Native Indian tribes which collectively have 512 tribal casinos. A majority of tribal casinos offer loyalty cards and free play, and many tribal casinos spend millions of dollars per year on this form of marketing. Tribal operators argue that the full face value of all free-play offers should be considered a marketing expense, but taxing authorities in many states are not in agreement, and argue that some percentage or all of Free Play should not be considered an expense item by the casinos. In this article, we provide a very brief history of tribal gaming, explain how Free Play affects house advantages and other performance indicators of casino slot floors, include a discussion on the structure of state taxation in the U.S., and also show how tribal casinos in different states stack up in terms of gross gaming revenue and taxes.
Welfare Effects of Gambling on Nigerian Youths: A Case Study of Lagos State
No full textWith the increasing rate of youth unemployment in the country, Nigeria’s youths have invested their commitments (time, money and intrinsic efforts) to several gambling avenues such as Baba Ijebu, Naira Bet, Westen Lotto Bet, etc. to source for finance to meet up their daily expenses and reduce the crime rate that would have engaged in as a result of high rate of unemployment. The aggregate unemployment rate is 70%, while youth unemployment accounts for about 58%. With the huge rate of youth unemployment in the country, the study intends to examine the participation level of youths in gambling in Lagos State. It further inspects the effects of youth gambling on household welfare and spending. Methods used by the paper include: a two-stage survey design, a qualitative component that comprises of the targeted focus group discussions and probit modelling to estimate how important the identified challenges are. The paper found that Nigeria’s unemployed youths have utmost interest in gambling to sustaining their income source and meeting daily spending. These activities have reduce crime rate orchestrated by the youths, but with rising displacement effects on household welfare and spending. The paper concludes that gambling has adverse effect of youth’s welfare and therefore, recommends that the Lagos State government should embark on formalizing all gambling activities to protect the gambling youths and strengthen tax revenue collection through the introduction of “per winning tax”
Evaluating ‘Registerial’ Norms in Advertising Texts: A Systemic Perspective
Get PDFLanguage and social concerns facilitate every communicative text. Based on that, the study considered the advertising text, as a test ground to explore the relationships between language and socio-cultural norms as revealers of the Register of advertising. Considered for the investigation are ten advertisements of Guinness®, Peak Milk®, Gulder®, Coca cola®, Pepsi®, Stanbic IBTC®, etc., upon which Ideational, Interpersonal and Textual Metafunctions served as tools of analysis. Besides the report that Material Processes such as come to, reshaped, make, is wasting, etc. dominate the contents, a Behavioral Process of rests on also performs a role in the Register analysis. The study further reveals digitization (*945#), local language intrusion (Oga), personification (bourn = born), clipping (diff) as context devices in the business environment. There are also Register(s) of neologism (Pecadomo), poetic and sermonized texts to persuade recipients. As the investigation has revealed SFL as a viable processor of Register(s), it thus suggests that its application to other texts outside advertising might yield meaningful results. Such exercise could assist in the understanding of novel items that could contribute to language development
MONEY LAUNDERING, PUBLIC BENEFICIAL OWNERSHIP REGISTERS AND THE BRITISH OVERSEAS TERRITORIES: THE IMPACT OF THE SANCTIONS AND MONEY LAUNDERING ACT 2018 (UK)
Get PDFThe revelations from the Panama Papers have highlighted the potential use of off-shore shell and shelf companies based in the British Overseas Territories and Crown Dependencies to facilitate money laundering, tax evasion, the financing of terrorism and other serious and organised crime. The use of such companies has enabled the natural person(s) who ultimately owned or controlled the company to remain concealed behind a nominee director(s) and nominee shareholder(s). This has led to international interest and pressure to increase the transparency in the beneficial ownership of such companies.
