We present a new model analyzing the effect of uncertainty faced by bookmakers. It is shown that bettors with inside information or expert analysis decrease the odds set by profit maximizing bookmakers. Data on previously unraced two year old horses and those that have raced previously are used...

Motivation for betting and risk taking -- Toward an explanation of betting as a leisure pursuit -- Costing excitement in leisure betting -- Successful betting strategies : evidence from the UK off-course betting market -- The impact of complexity on decision-making behaviour -- The complex...