The University of Buckingham Press Journals
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INTRODUCTION
Get PDFWelcome to this special edition of the Journal of Gambling Business and Economics.In Great Britain, it has become a regulatory and commercial imperative, to better understand consumer behaviour in relation to gaming machines and gambling-related harm. Businesses seek to improve their offering of gambling-related products and services in relation to market demand which may include changes to game parameters (e.g., increases in stakes and prizes). The regulator seeks to foster an environment where the gambling industry can flourish, but not at the expense of the well-being of consumers generally, and vulnerable players in particular
It is with considerable pleasure that we present the inaugural issue of the Journal of Gambling Business and Economics
Get PDFThere is a long-standing gap in the market for a journal that provides an outlet for academics and practitioners who have an interest in the economic and business aspects of the rapidly growing international gambling market. This journal is designed to fill this gap
PROFITING ON INEFFICIENCIES IN BETTING DERIVATIVE MARKETS: THE CASE OF UEFA EURO 2012
No full textThis paper investigates whether it is possible to profit from market inefficiencies on betting exchanges during short tournaments. We describe how a Monte Carlo simulation method, with an inbuilt noise parameter applied on '1X2' markets, can be used to determine odds for derivative markets. In cases of mismatch between model and market odds, a modified Kelly strategy is proposed to determine the percentage of own funds placed against the market. When this proposal is applied to the UEFA European Nations association football tournament 2012, two important findings emerge: (a) a profit of circa 12% of allocated funds was generated, and (b) the profit is not contingent on the noise parameter, thus indicating the possibility of arbitrage between different betting markets. The proposed method can be extended to other sports provided the competition consists of a group stage held over a short period of time
THE MORPHOPHONOLOGY OF THE AKAN REDUPLICATED VERB-FORM
Get PDFThis paper discusses the interaction between constituent formation and alteration of sounds (i.e., morphophonology) in Akan reduplicated verb-forms. Specifically, we strive to look into two issues; the morphology of reduplicated verb stems and how the morphological manifestation(s) affect certain target sounds. With its morphology, we observe that reduplication of the Akan verb-stem is generally total and, through the Morphological Doubling Theory (Inkelas 2005; Inkelas and Zoll 2005), reduplication of Akan verb-stems is viewed as the double (or multiple) occurrence of a morphological constituent meeting a particular morpho-semantic description. That is to say, while there could be differences in structure between the reduplicant and the base, they are subject to a common phonology that determines a resulting shape of an output. With morphophonology, we observe that three issues are relevant in the discussion of the phonology of the reduplicated verbs in Akan. These are the application of vowel harmony, vowel shift in terms of height, and the realization of tonal semblance. Through thorough discussions, the paper finally explains that reduplication of verb-stems in Akan is morphophonologically driven
RECENT HUMAN RIGHTS DEVELOPMENTS IN EXTRADITION LAW & RELATED IMMIGRATION LAW
Get PDFThis article provides a critical overview of some key human rights developments since January 2012 in the field of extradition and deportation law. It is arranged by reference to the key Articles of the European Convention on Human Rights likely to be engaged, namely, Articles 3, 8 and 6
LORD DENNING AND MARGARET THATCHER, LAW AND SOCIETY
Get PDF“Lord Denning is the best-known and best-loved judge in the whole of our history.” That was the opening of Lord Bingham’s address at the service of thanksgiving for the life of Lord Denning, the former Master of the Rolls, in Westminster Abbey in 1999. Lord Bingham was well-placed to judge. He himself held the offices of Master of the Rolls, Lord Chief Justice and Senior Law Lord. He is an accomplished historian. He ascribed Lord Denning’s renown and reputation to his unique warmth, his popular touch and his longevity. Tom Denning was born in the Victorian era, in 1899, and lived a few weeks beyond his 100th birthday in 1999. He only retired at the age of 82 and then reluctantly.
CASINOS AND ECONOMIC WELL-BEING: EVALUATING THE ALBERTA FIRST NATIONS’ EXPERIENCE
No full textMany of Canada’s First Nations have introduced casinos as an economic strategy to help mitigate existing socio-economic disparities. In total 17 First Nation casinos currently operate in the Canadian provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, while the provincial Nova Scotia First Nations operate ‘Video Lottery Terminal (VLT) palaces’ (i.e., no table games). Although the economic benefits of Native casinos in the United States are well documented, there is very little research to determine whether the same effects exist in Canada. The present research seeks to partly fill this void by evaluating the impact of the recent introduction of casinos to Alberta First Nation (i.e., reserve) communities. Findings show that there is significant variability in the economic benefits between communities. Nonetheless, it is clear that, in general, the introduction of casinos in Alberta has broad economic benefits to Alberta First Nations
Is the Gambler’s Fallacy Really a Fallacy?
No full textThe behavior known as the gambler’s fallacy is exhibited when gamblers increase their wager after a series of losses. The conventional interpretation of this behavior is that, after a series of losses, the gambler views the probability of winning as increasing. However, if the probability is independently and identically distributed (as it normally is), previous losses do not affect the probabilities of subsequent gambles, hence the fallacy.This paper suggests an alternative explanation for the gambler’s fallacy behavior. It holds that the gambler views the probability of a series of (outcomes resulting in) losses as very small. Therefore, from an ex ante perspective, consumers strategize that if they lose, they will increase their wagers because a long series of losses is unlikely. A simulation demonstrates the rationality of the gambler’s fallacy behavior by showing positive winnings when the theoretical expectation is $0.This same behavioral assumption is also behind the St. Petersburg Paradox. The difference is that the low probability of a series motivates people to gamble with the gambler’s fallacy, but motivates people not to gamble with (or more accurately, not pay very much for) the St. Peters Paradox. If anything, the gambler’s fallacy is a fallacy regarding the adequacy of the consumer’s bankroll, rather than a fallacy regarding a change in the probability of winning
Just How Serious is Insider Trading? An evaluation using thoroughbred wagering markets
Get PDFThis paper quantifies the extent and changes in insider trading in the Melbourne racetrack betting market using a unique, long term dataset. Wagering markets share many of the characteristics of other financial markets, and are simple, with good data and a designated endpoint. Thus they are an excellent natural laboratory to study what is probably happening in qualitatively similar conventional markets. Results of this paper provide statistically significant support for hypotheses supporting the existence and increase in level of insider trading, and suggest that around two percent of betting is by insiders
APPLYING THE FULL RANGE LEADERSHIP MODEL TO MANAGING EMPLOYEES IN THE LAS VEGAS CASINO-GAMING INDUSTRY
No full textEarly researchers concluded that leaders exhibit certain qualities not found among the common man (Bass, 1990; Burns, 1978; Hernez-Broome & Hughes, 2004; Moser & vander Nat, 2003; Northouse, 2010; and Stodgill, 1948). As researchers started looking at these phenomena, they realized that leadership is an evolving process that changes from paradigm-to-paradigm; shifting as environmental values change within society (Bass, 1990). The significant growth of the casino-gaming industry over the past two decades necessitates management understanding of how leading in the 21st century could affect operational productivity and organizational performance. The purpose of this research study was to investigate and analyze employee perceptions about managerial leadership styles in the Las Vegas casino-gaming industry. This study focused on the leadership styles in the Full Range Leadership Model (FRLM) and the relationship between employee perceptions and revenue growth. Participants completed the Multifactor Leadership Questionnaire Form 5X (MLQ) to communicate their perceptions about managerial leadership styles. The study discovered that employees in Las Vegas casino-gaming operations perceived their managers as following the contingent rewards transactional leadership style and that revenue growth was not a determining factor in their perceptions