Although trading in securities in conventional financial markets on the basis of inside information is restricted by law, the rules against such trading in better markets are rather more ambiguous. It is argued in this paper that, since insider trading in betting markets imposes a cost on the...

In October 2001, the U.K. government implemented a dramatic shift in the taxation of gambling, resulting in a substantial decline in taxes levied on U.K. bookmakers. Using data before and after this event, we present econometric evidence on the demand response to this tax reduction. Our results...

In recent years, there has been a substantial global increase in gambling and prediction markets, including casinos, sports betting, lotteries, elections and wagering on financial instruments. This trend has heightened interest in numerous economic and financial issues related to this sector....

Several environmental changes in the 1990s--including the introduction of a national lottery, the rise of Internet gambling, and the reduction of trade barriers within the EU--induced the UK government to initiate a large--scale review of betting duty. As a result of this review, the government...

In this study, we use enterprise-level data to calculate estimates of labour productivity growth in the UK broadcasting sector between 1999 and 2004 and TFP growth between 1998 and 2004. We present estimates using both gross output and gross value added. We also present TFP estimates separately...

In this paper, we examine a relatively novel form of gambling, spread (or index) betting that overlaps with practices in conventional financial markets. In this form of betting, a number of bookmakers quote bid-offer spreads about the result of some future event. Bettors may buy (sell) at the...

In this paper, the authors employ a large new data set to examine explanations of the tendency for favorites to be under-bet and longshots over-bet in recent British racetrack betting markets. They demonstrate that both demand-and-supply side factors can explain this favorite-longshot bias and...

In this paper, we examine a relatively novel form of gambling, index (or spread) betting, that mirrors (and indeed overlaps with) practices in conventional financial markets. In this form of betting, a number of bookmakers quote a bid-offer spread about the result of some future event, and...