The University of Buckingham Press Journals
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The Luck of the Texan: An Empirical Analysis of Texas Lottery Games
No full textThis paper provides an empirical analysis of the relationships between three popular lottery games in the state of Texas: Lotto Texas, Texas Two Step, and the multi-state Mega Millions game. The analysis suggests complementarity between the Lotto Texas and Mega Millions; habitual players tend to play relatively safer games; the 2006 Lotto Texas rule change decreased revenue substantially; and that only at low effective ticket prices do players purchase more tickets for high stakes/low odds games. We simulate the effective prices at which two games would sell the same number of tickets in the state of Texas. The results suggest that Mega Millions and Lotto Texas are expected to sell more tickets than Texas Two Step, and that Lotto Texas is expected to sell more tickets than Mega Millions at all feasible price levels
A Note on the Evidence of Adverse Selection from Thoroughbred Wagering – Further Evidence in Australia
No full textChezum and Wimmer (2000) show the impact of asymmetric information in the American thoroughbred industry by demonstrating that homebreds (horses retained and raced by their breeders), on average, have lower betting odds than otherwise similar nonhomebreds. In this paper we test their hypothesis in the Australian thoroughbred industry. While we find no relationship between lower betting odds and homebreds when we use their model, we are still able to support their conclusion when we use a logistic model to measure the relationship between homebred and horse performance.
Do Financial Incentives Affect The Quality Of Expert Performance? Evidence From The Racetrack
No full textDoes the quality of performance by experts respond to financial incentives? I provide some new evidence on this question by examining the propensity of racehorse trainers to undertake effort-diverting actions. In a sample of 30426 horse races, I find that lower race stakes are strongly associated with more unexpected outcomes, consistent with more trainers exerting less-than-full effort in such races. These results continue to hold when low-information races are excluded from the sample, thereby ruling out the possibility that stake is simply a proxy for the level of information that is available to bettors. Moreover, in a sub-sample of 4416 races for which final odds data are available, the dispersion in odds is positively related to race stake, consistent with rational bettors recognising the incentives faced by trainers and incorporating this insight in their investments. As a group, horse trainers apparently tailor the quality of their services to the potential size of their remuneration from clients
‘GET OUT OF JAIL FREE’ CARD: THE COURTS’ OFFER OF ASSISTANCE TO ERRANT TRUSTEES
Get PDFDecisions taken by trustees have consequences. When trustees make mistakes, especially mistakes that cost the trust fund dearly, can the courts ever erase those errors and let the trustees unwind what they have done and start afresh? To do so, of course, has obvious advantages for both the trustees and those beneficiaries affected by the mistakes, but it is correspondingly disadvantageous for any outsiders who might be equally affected by the court’s decision to erase - in England most typically Her Majesty’s Revenue and Customs. For a long time, the answer to the question posed seemed to be yes. This invaluable ‘get out of jail free’ card was delivered to errant trustees by virtue of what was routinely known as the ‘rule in Re Hastings-Bass.’ The Supreme Court, the highest court in the land, has now indicated that this is not right, that Re Hastings-Bass has been misunderstood for over 23 years, and that trustees are not so roundly protected by such a rule. However, in reaching its conclusions, it appears that the Supreme Court may have abolished one rule and replaced it with another, which also seems to benefit trustees.
EXPLORING VARIATIONS IN ODDS BIAS ACROSS BETTING MEDIA
No full textThe favourite-longshot bias is estimated for bookmaker odds from 9,006 UK Flat races, and compared to the bias evident in a sample of betting exchange odds from 6,000 races during the same period. The results are compared to similar studies of bias in Tote odds and US pari-mutuel odds. It is suggested that an information model only partially explains variations in the degree of bias between alternative betting media
Some Notes on Optimal "Across the Board'' Parimutuel Bets
No full textRecently I competed in a club golf competition where there was organized parimutuel betting on the outcome. I made an ``across the board'' (ATB) bet of $20 on our team to win, place, and show. Subsequently I wondered whether this was the best thing to do. Hence, this paper examines the theory of an optimal ATB parimutuel bet. The goal is to develop principles that would guide such wagering when a bettor has only limited information about the sizes of the betting pools and the relative probabilities of finish of the various teams
EU GAMBLING AT THE INTERSECTION OF POLICY AND LITIGATION
No full textGiven its high level of regulation, the gambling industry must be able to react quickly to litigation and resulting change in policy (and enforcement thereof). Using a case study approach, this short paper highlights how the twin issues of policy and litigation have recently impacted the gambling industry in the European Union. Examples focus on recent developments in the EU that outline the relevant contours of the European Court of Justice’s jurisprudence, with a special emphasis on the dynamic situation in Greece. These examples shape the ensuing discussion of the future of both the regulation and litigation of the EU’s gambling industry
THE PROTECTION OF WITNESSES IN BOSNIAN WAR CRIMES TRIALS: A FAIR BALANCE BETWEEN THE INTERESTS OF VICTIMS AND THE RIGHTS OF THE ACCUSED?
Get PDFIn early war crimes trials such as in Nuremburg, documentary evidence was decisive in convicting the defendants. Witness evidence was of lesser importance.1 By contrast, in Bosnian war crimes trials the testimony of witnesses is essential, forming much of the evidential weight upon which the courts decisions are based. If witnesses are not found or if they are unwilling or unable to give evidence in court, trials are unlikely to proceed
Factor tame: Does Britannia Still Rule the Waves?
Get PDFFactor tame: Does Britannia Still Rule the Waves
A Legal Conundrum: The Law's Treatment of Women
Get PDFA Legal Conundrum: The Law's Treatment of Wome