The concept of rational expectations has typically been assumed, without testing, in the analysis of consumer demand and market efficiency in betting markets, including betting on lottery games. Lottery games offer an excellent opportunity to test how participants process the information that is...

Virtually all lottery agencies offer a variety of games to suit the tastes of players in an attempt to maximize revenue to the government. Using the UK National Lottery, which offers a variety of on-line and scratchcard games, the extent to which there is substitution or complementarity between...