We examine two episodes of strategic interaction in the U.K. betting industry: (i) Betfair (an entrant multi-sided platform, or MSP) vs. Flutter (also an MSP), and (ii) Betfair vs. traditional bookmakers. We find that although Betfair was an underfunded second mover in the betting exchange...

We examine how heterogeneity in customers' multi-homing tendencies affects a platform's response to new entrants in its market. We develop a formal model to generate empirical predictions and then test them leveraging a historical setting: TV broadcast station entry into local newspaper markets...