The utility of gambling model posits that consumption benefits lead rational agents to gamble when faced with negative expected financial returns. We analyze the determinants of bet volume and dollars bet on NCAA basketball games from three on-line sports books to test the predictions of this...

Betting strategies based on the presence of home-underdog bias in the NFL have been shown to produce returns in excess of those predicted by market efficiency in some situations. Dare and Dennis (2011) attribute this bias to bettors underestimating the scoring ability of home underdogs. Using a...