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...

Horse racing is an important industry throughout much of the world, and gambling has been increasingly relied on to provide financial support for beleaguered state governments. Technology has changed the way track patrons bet, with the vast and increasing majority of total bets being made away...

We present first results from a new agent-based model (ABM) of a sports-betting exchange (such as those operated by BetFair, BetDaq, and SMarkets, among other companies) in which each agent holds a dynamically-varying opinion about some uncertain future event (such as which competitor will win a...

This study examines matching effects as a determinant of mobility in the market for Australian Rules football coaches between 1931 and 1994. Among other results, the authors find direct evidence, consistent with match theory, of a coach- team match-specific effect on team performance; that is, a...