The University of Buckingham Press Journals
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The evolution of the game of baccarat
No full textThe game of baccarat has evolved from a parlor game played by French aristocrats in the first half of the 19th century to a casino game that generated over US$41 billion in revenue for the casinos of Macau in 2013. The parlor game was originally a three-person zero-sum game. Later in the 19th century it was simplified to a two-person zero-sum game. Early in the 20th century the parlor game became a casino game, no longer zero-sum. In the mid 20th century, the strategic casino game became a nonstrategic game, with players competing against the house instead of against each other. We argue that this evolution was motivated by both economic and game-theoretic considerations
DOES THE JUDGMENT OF THE CJEU IN GAZPROM BRING ABOUT CLARITY ON THE GRANT OF ANTI-SUIT INJUNCTIONS UNDER THE BRUSSELS I REGULATION?
Get PDFOn 13 May 2015 the CJEU delivered the much anticipated judgment in Gazprom OAO v Republic of Lithuania. The CJEU had before it issues relating to the grant of anti-suit injunctions by member state courts/arbitral tribunals to enforce arbitration agreements, and also, most importantly if the Brussels I Regulation would apply to the case at hand. The case gains in significance, as the Advocate General (AG) had in December 2014, while giving his opinion on the matter had proceeded to apply a ‘future law’ on a matter pending before the courts, strongly recommended that the CJEU reconsider its judgment handed down in Allianz v West Tankers(The Front Comor). Earlier, in the West Tankers case the CJEU ruled that it was incompatible with the Brussels Regulation for the court of a EU Member State to grant an injunction restraining a party from commencing or continuing court proceedings brought in breach of an arbitration agreement. In reaching this decision, the CJEU held that if proceedings were to come within the scope of the Brussels I Regulation, then a preliminary issue concerning the validity of an arbitration agreement also came within the scope of the Regulation.
RAISING FREEDOM’S BANNER HOW PEACEFUL DEMONSTRATIONS HAVE CHANGED THE WORLD
Get PDFRaising Freedom’s Banner is essential reading for students studying Constitutional and Administrative law, for those with an interest in human rights and also for those engaged in peaceful protests the world over. Paul Harris is a practising barrister in England and Wales and a Senior Counsel in Hong Kong. He founded the Bar Human Rights Committee of England and Wales. He has acted in several cases involving the right to peaceful protest, a right preserved by much struggle which he meticulously charts throughout the pages of his truly rich and wonderful historical and legal account. Paul Harris successfully represented Falun Gong in upholding their right to protest outside a government building in Hong Kong as part of a peaceful hunger strike against the treatment of Falun Gong in mainland China. As any visitor to Chinatown in London or indeed elsewhere will know Falun Gong simply wish to pursue their peaceful beliefs in Taoist and Buddhist teachings. For Paul Harris protest is the visible existence of the bastion of freedom
Determination of Odds in Prediction Markets: Coexistence of Posted-offer and Double-auction Designs
No full textThis paper studies the coexistence of two competing mechanisms in the same market, where one follows the posted-offer rule and the other one incorporates a double-auction mechanism. We explore this coexistence within a sports betting example in which bettors are free to choose between a bookie (posted-offer market) and a betting exchange. Our findings imply that i) bettors' risk aversion parameter is instrumental in whether these two mechanisms coexist or not, ii) most bettors are strictly better off, and none is worse off, when they have access to both of these competing mechanisms rather than just one, and iii) these results hold even when we allow the bookie to make a positive profit instead of following a zero expected profit pricing rule
Bettor Habits When Point Spreads and Money lines are Offered on the Same Game: The NFL
No full textBettor preferences and returns are examined in the NFL wagering market where both point spread and money line wagers are simultaneously offered. In both markets, the balanced book hypothesis can be soundly rejected, with bettors preferring favorites. Despite the clear difference in how a winning bet on the favorite is achieved in each market, the percentage bet on the favorite in both the point spread and money line markets correspond nearly one-to-one. Biases are most pronounced in certain subsets of the data, where betting against favorites on both the point spread and money line are shown to reject market efficiency
RESPONSIBLE MARKETING AND ADVERTISING IN GAMBLING: A CRITICAL REVIEW
Get PDFMarketing and advertising play a significant role in the adoption of attitudes and societal norms, which have been shown to have a direct impact on behavioural intentions, ultimately leading to behavioural execution. Concurrent with other attempts to inform policy strategy with respect to harm minimisation in gambling there is a paucity of evidence pertaining to the impact that gambling advertising has on gambling behaviour, gambling-related harm, and the efficacy of advertising regulations to minimise harm. There appears to be an overwhelming portrayal of gambling as a normative, legitimate social activity, at the expense of highlighting the potential risks involved. Furthermore, new marketing techniques utilising the social media platform are able to instil emotive and positive attitudes towards gambling brands and products, as well as enabling consumers to widely share and recommend gambling products across their online community, sometimes exposing under-age and vulnerable populations to gambling. The following paper critically reviews existing research investigating the impact of current gambling advertising and marketing campaigns on both vulnerable (i.e. adolescents and problem gamblers) and normal adult populations, looking specifically at the impact of exposure, the positive framing of gambling, and the transparency of marketing techniques. It is concluded that marketing and advertising in gambling needs to facilitate more informed choice for consumers, and a more balanced approach in the framing of gambling. It is suggested that risk information is presented asynchronously to gambling promotions, as opposed to being delivered as peripheral information, and moreover future strategies need to be based on robust empirical evidence demonstrating the impact of responsible gambling advertising and marketing on behaviour
Exploiting Week 2 Bias in the NFL Betting Markets
No full textPast research has provided evidence of hindsight bias in the NFL wagering market. Too much emphasis is placed on a team’s performance in the previous season when placing bets on NFL games during the first week (Week 1) of the season. Building on this contribution, our study extends the examination of hindsight bias in NFL gaming markets by focusing on how bettors consider the information provided by Week 1 performance when betting in Week 2. Our findings suggest multiple market inefficiencies in the NFL gambling market in Week 2, providing the opportunity for profitable betting strategies
A comparison of forecasting methods: fundamentals, polling, prediction markets, and experts
No full textWe compare Oscar forecasts derived from four data types (fundamentals, polling, prediction markets, and domain experts) across three attributes (accuracy, timeliness and cost effectiveness). Fundamentals-based forecasts are relatively expensive to construct, an attribute the academic literature frequently ignores, and update slowly over time, constraining their accuracy. However, fundamentals provide valuable insights into the relationship between key indicators for nominated movies and their chances of victory. For instance, we find that the performance in other awards shows is highly predictive of the Oscar victory whereas box office results are not. Polling- based forecasts have the potential to be both accurate and timely. Timeliness requires incentives for frequent responses by high-information users. Accuracy is achieved by a proper transformation of raw polls. Prediction market prices are accurate forecasts, but can be further improved by simple transformations of raw prices, yielding the most accurate forecasts in our study. Expert forecasts exhibit some characteristics of fundamental models, but are generally not comparatively accurate or timely. This study is unique in both comparing and aggregating four traditional data sources, and considering critical attributes beyond accuracy. We believe that the results of this study generalize to many other domains
INTRODUCTION
Get PDFIn this special issue, critical consideration is given to existing knowledge and understanding regarding harm minimisation in gambling. While the reviews have been written with the British context in mind, we consider that most matters will have some relevance at an international level also. Papers in this issue also consider operational and regulatory matters through identifying priority areas for research and offering initial guidance on how existing research findings could be applied in operator-based approaches to harm minimisation. It should be noted that concurrent work is being done in Great Britain by both the regulator and industry in response to concerns about the impacts of gambling individually and in local communities. The regulator has recently reviewed social responsibility provisions found within its License Conditions and Codes of Practice (LCCP), and this has established where greater degrees of player protection or player monitoring need to be mandated. In classifying approaches according to their source of implementation and management, the papers in this special issue examine the evidence by considering a specific category of harm minimisation that has been referred to here as ‘operator-based’ harm minimisation. The four papers consider the issues in relation to facilitating awareness and control among consumers engaging in gambling; to restricting access to gambling products; and to ensuring that marketing functions operate in a transparent and responsible way
"DEFENDING AN ENGLISHMAN'S CASTLE” CAN I SELL MY HOUSE BUT CONTINUE LIVING IN IT? THE NORTH-EAST PROPERTY BUYERS LITIGATION
Get PDFThe maxim “an Englishman’s home is his castle” has its roots in Magna Carta. English land law has developed from a feudal system which emphasised the authority of the lord: in times long ago most occupiers of land were beholden in some way to their lord for their rights to the land, being obliged to give services in return for their landholding, and to demonstrate loyalty or fealty to their lord. The lords themselves had similar obligations to their lords, and ultimately to the King. Hence, it used to be said that all land in England was held directly or indirectly from the Crown