The University of Buckingham Press Journals
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A POLICY-BASED ANALYSIS OF THE IMPACTS OF CASINO GAMBLING
No full text In 2003, as part of a lecture series sponsored by the American Gaming Association, Richard LaBrie and Howard Shaffer issued a ‘concept statement’ titled Toward a Science of Gambling Regulation. They stated, “The set of gambling regulations within a jurisdiction represent that jurisdiction’s strategy for preventing negative consequences….We propose that gambling regulations would be more effective if the regulatory process was science-based” (2003, p. 1). This paper represents a step towards scientifically analyzing variations in existing policies to determine how effective they are in reaching policy goals. A quasi-experimental matching procedure is utilized to assess the impacts of casinos at the county level. Additional analysis examines the effects of various policies on economic development outcomes. The findings suggest that more restrictive casino policies reduce the economic impacts associated with casino development.
MEASURING AND FORECASTING FAN INTEREST IN NFL FOOTBALL GAMES
No full textThis study examines the relationship between NFL game characteristics and the frequency of fan ratings on the NFL’s website (www.NFL.com). The margin of victory and overall total points scored in a game are shown to be significant determinants of the number of times individual games are rated; suggesting fans enjoy close and high-scoring games. While the actual game characteristics are only known for certain after the game is played, information provided by betting markets show similar predictive power in estimating the number of times a game is rated. Given that betting market data is generated prior to the start of the game, these relationships may allow for improvements in pre-game forecasting of television, or other media, audiences for live sporting events
Inferring Risk Preferences Using Synthetic Win Bets in Horse Betting “Exotic” Markets
No full textExotic bets: exactas, trifectas and superfectas are complicated gambles that depend on the ordering of horse in a race that can be studied by converting them into “synthetic” or “virtual” win bets. Using two ways of constructing synthetic win bets, it is shown that the favorite-longshot bias is a poor description of the returns of the trifecta and superfecta synthetic win bet. Rather, consistent with financial markets, the standard deviation of the payout of the synthetic win bet better describes the different returns of synthetic win bets.It is found that the synthetic win market dislikes standard deviation and kurtosis (and other higher-order even moments) and likes skewness (and other higher order odd moments), implying participants conform to standard utility theory in their choice between win and synthetic win bets and are not risk-loving. A co-efficient of relative risk aversion of about 3 is estimated. Including higher-order moments strongly affects the magnitude of utility function estimates
FALSE CONSCIOUSNESS IN FINANCIAL MARKETS: OR IS IT IN IVORY TOWERS?
No full textIn general, models in finance assume that investors are risk averse. An example of such a recent model is the pioneering work of Aumann and Serrano, which presents an economic index of riskiness of gambles which is independent of wealth and holds (as might be understood from the adjective “economic”) for exclusively risk averse investors. In their paper, they discuss gambles with positive expected returns which will be accepted or rejected by agents which different levels of risk aversion. The question never asked by the authors (and in most of the finance literature) is: Who is offering these attractive gambles? To arrive at an answer, we extend the Aumann-Serrano risk index in such a way that it accommodates gambles with either positive or negative expectations and is thus suitable for both the risk averse and risk lovers. Once we allow for the existence of risk lovers, it may be shown that in financial markets, many gambles with negative expectations are taken either knowingly or unknowingly so that there are always people that act as if they are risk lovers. The paper concludes with a brief discussion of the implications of our result, in particular that gambling is by no means restricted to the casino or the track
TABLE GAMES OR SLOTS? COMPETITION, EVOLUTION AND GAME PREFERENCE IN MACAO’S CASINO MARKET
No full textThe opening of Macao’s casino industry with new legislation passed by the government of the Macao Special Administrative Region (MSAR) in February 2002 has provided the opportunity for new foreign casino operators – Wynn Resorts (Macao) Limited, Las Vegas Sands, Galaxy Casino Company Limited (Hong Kong), MGM Mirage, Melco Crown, and potentially others – to launch casino operations in this territory. One of the strategic decisions that new participants in this market must make is the composition of table games and slot machine offerings, as well as the mix of gaming and non-gaming amenities, to be employed in their new casino properties. The evaluation of the characteristics of, and prospects for table games and slots in the emerging gaming market of Macao is also of considerable interest to the casino operations of SJM – a wholly-owned subsidiary of the previous casino monopoly STDM, and its sub-concessionaires.In comparison with casinos in North America and Europe, table games generate an exceptionally high proportion of casino gaming revenue in Macao. To conduct an objective study over this phenomenon, and to provide a reasonable forecast on future trends, this paper examines and discusses historical, social and economic factors that have driven the relative attraction for table games in Macao’s casinos. The paper also reviews the utilization of electronic gaming devices (slot machines) and their recent developments in Macao’s casinos. A comparison of the key determinants of the demand for table games and slots makes it clear that, at least in the near to intermediate future, the optimal strategy for Macao’s casino operators is to retain a high proportion of table games. This is in spite of the fact that the labor costs and floor space demands of table games are typically much higher than those of slots. Nonetheless, because of player preferences and betting patterns, the average net profit margin per square foot of allocated space from operating table games has so far remained considerably higher than that from slot machines
NEW EVIDENCE ON CONSUMER SPENDING ON GAMBLING
No full textCharacteristics of households who participate in gambling markets in the US, and the determinants of household expenditure on gambling, are investigated using data from the Consumer Expenditure Survey (CEX). I estimate empirical models of participation in gambling markets and gambling expenditure using Tobit and double hurdle estimators. A likelihood ratio test rejects Tobit in favor of the double hurdle model. The double hurdle model estimates show that key explanatory variables affect participation and expenditure with different signs. Tobit, which is widely used in the literature, forces the signs to be identical, calling into question empirical regularities reported in this literature
IMPERFECT MARKET-MAKER COMPETITION, HETEROGENEOUS EXPECTATIONS, AND THE FAVOURITE-LONGSHOT BIAS IN WAGERING MARKETS
Get PDFIn the study of wagering markets, it is generally the case that the objective probabilities of various contestants (horses, teams, etc.) winning do not match those implied by the betting. More often than not favourites are underbet and longshots overbet, although some studies have found the reverse. We offer an explanation in the case where there is imperfect competition among book-makers and heterogeneous expectations among bettors
The Relationship Between a National and a Multistate Lotto Game
No full textThe United Kingdom National Lottery is a member of a lottery block that offers a weekly lotto game, known as EuroMillions, for which tickets are now sold across nine countries. The paper examines whether the game has cannibalised sales in the pre-existing national lotto game and whether, with both products in place, players treat them as substitutes or complements. No evidence is found of cannibalisation and UK Saturday Lotto and EuroMillions are found to be complements rather than substitutes.
A Global Analysis on 'Gambling, Drinking, And Smoking'
No full textGambling, drinking, and smoking have often been examined for their relatedness. Researchers have conducted numerous empirical studies to determine whether there are significant relationships among the three activities. The commonly used research approach in prior studies was to collect primary data from individuals or problem gamblers in a particular locality and then used these data to analyze their relationships. The current study examines the same research question but uses a different research method. It analyzes the three activities based on secondary data from several countries. The results of this study reaffirm that gambling is positively related to drinking and smoking. Further analyses of the data also show that each of the three activities is positively related to income, and that gambling has an income elasticity of greater than one, while drinking and smoking have an income elasticity less than one.
THE PUBLIC LAW DIMENSION OF PUBLIC AUTHORITY LIABILITY
Get PDFIn this paper I endorse the basic assumption that informed the Law Commission’s consultation paper on Administrative Redress of 2008, namely that the problem of administrative liability in English law can only be understood by examining both its tortious and its public law dimensions and that a satisfactory solution would involve a form of liability that straddled the public/private divide. In support of this view, I advance a rationale for a form of liability that involves reparation for harms resulting from acts unlawful as a matter of public law and argue that the form of liability that the rationale supports would inevitably impinge upon the territory currently occupied by the law of tort. I then proceed to criticise the views of scholars who have recently argued that a satisfactory law of public authority liability can be arrived at by the use of the concepts of orthodox tort law alone