Author: BenoIt

David Forrest of the University of Salford and O. David Gulley of Bentley University examine the efficiency of lottery markets. The authors conclude that lotto players act as if they understand the “rules of the game” and appropriately use relevant information about the games. Exceptions to efficiency are found, but these “inefficiencies” cannot be easily exploited by bettors. John Lepper of Deakin University and Stephen Creigh- Tyte of Durham Business School provide an historical analysis of the U.K. National Lottery. Although the first National Lottery draw of the modern era occurred in November 1994, state-sponsored lotteries had been common since…

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Over the past twenty years, gambling has become a growth industry in the United States, the United Kingdom, Canada, Australia, Macau (Macao), and other nations.1 Once restricted to Nevada and, later, Atlantic City, casinos now operate in 33 U.S. states. Since Congress passed the Indian Gaming Regulatory Act (IGRA) in 1988, tribes in 28 states have established casinos, and others are seeking federal recognition so that they can do the same. According to the National Indian Gaming Commission, 236 Indian tribes are currently operating casinos.2 In 2010, Indian casinos earned approximately $26.5 billion (National Indian Gaming Commission 2011). California alone…

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The first set of regression results uses the number of bets placed on each game as the dependent variable in the regression model described by equation (11.1). Again, this variable is the total number of bets placed at the four online sports bookmakers tracked by Sports Insights. Independent variables include an intercept, the months of the year, the days of the week, dummy variables for elite pitchers (both visitor and home), the absolute value of the odds on the game, a dummy for road favorites, and the win percentages of both the home and road teams going into the game.…

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In this chapter, I analyze the various ways that governments tax casino gambling around the world and consider the economic effects of that taxation. In the first section, I examine the types of casinos and casino gambling that takes place along with the forms of taxation that governments apply to casino operations, including wagering taxes, admissions taxes, fees, and other taxes. In section 2 I examine the economics of casino taxation, including market analysis of a casino game, efficiency effects of casino game taxation, equity impacts or the incidence of casino taxation, and optimal government tax policy regarding casinos. Section…

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As already noted, the field of behavioral finance permits human decision-making behavior that violates the principles of either Bayes’ theorem, the maximization of expected utility, or both. Behavioral finance researchers embrace the possibility that an individual’s ability to behave rationally—in formulating beliefs or in maximizing utility—is often impaired by behavioral biases or by irrational preferences. This section begins with a recap of the evolution of alternative utility functions and behavioral models for a representative investor who might behave normally, where the definition of normal has itself evolved over time, perhaps to where it means rational most of the time and…

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The Generalizability of Findings from Laboratory Studies At the heart of this discussion is the distinction between experiments conducted under controlled conditions in artificial laboratory settings and analysis of data obtained from naturalistic environments, such as casinos, lotteries, and markets for betting on horse races or other sports. While experiments can be carried out under controlled conditions in artificial “realworld” environments, we define a naturalistic environment to be one that “has not been artificially manipulated (i.e., a nonexperimental setting)” (Johnson and Bruce 2001, 266). This distinction is crucial, and there is a long-running debate concerning the relative merits of the…

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Gaming In line with the experiences of other nations throughout the world (see, e.g., Hall and Hamon 1996; Nichols, Giacopassi, and Stitt 2002; Meister 2005; etc.), the recent development of casino gaming in various Asian jurisdictions re-validates the argument that legalization and growth of this industry provide a considerable amount of economic income, hence resources and opportunities for promoting tourism, and urban development and re-development. In the process, investments made by related firms further stimulate employment and income in the jurisdiction as well as business opportunities for other hospitality-related businesses, such as hotels and retail (i.e., the accelerator and multiplier…

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Since the dawn of the twenty-first century, casino gaming as a modern industrial sector has been noticeably expanding in the countries/regions of East and Southeast Asia. Following the decision of the Macau government in 2002 to replace its casino monopoly with an oligopolistic structure, and the decision of the Singapore government in 2005 to legalize casino gaming, other jurisdictions. Read more about forexinghub. For example  Malaysia, South Korea, the Philippines, and Cambodia, also have taken measures to review and promote the organization of their businesses. In addition, such small-scale casino jurisdictions as Vietnam, India, and Sri Lanka, among others, have…

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Throughout the game spectators are allowed to place as many bets as they want. On each bet the bettor chooses either the red team or the blue team and wagers an amount of money against another spectator who chooses the other team and wagers a different amount of money (these amounts become the odds). The bettor who guesses correctly wins the money that the other bettor loses. For example, if you bet 100 euros on the reds against an opponent who bets 100 on the blues and the blues win the match, you pay your opponent 100 euros. Throughout the…

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If you’re from Malaysia and want to enjoy playing online casino games, you’ve come to the right place. You can sign up for a free account and get started playing the games you love. You can win or lose, so be realistic about your expectations. The best online casinos in Malaysia offer bonuses and promotions that can help you get started with your online gambling addiction. These incentives are a great way to keep you interested and increase your bankroll! All reliable online betting Malaysia provide their players with the grand titles of the gaming industry. Some platforms limit themselves…

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