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Business Profitability and Social Profitability: Evaluating Industries with Externalities, The Case Casinos.

Grinols, Earl L.; Mustard, David B. - EconWPA - 2005

Casino gambling is a social issue, because in addition to the direct benefits to those who own and use casinos … externalities generated by casinos. Lastly, it corrects many prevalent errors in the debate over the economics of casino gambling. …

Persistent link: https://www.econbiz.de/10005561010

Demand for Lottery Products: A Cross-Country Analysis

Kaizeler, Maria João; Faustino, Horácio C. - ISEG - School of Economics and Management, Department … - 2008

Varieties of lottery games are played regularly in more than half of the world’s countries. When considering the probability of winning a lottery jackpot, we have a sense of the illogicality in buying a lottery ticket. This begs the question, why do people buy lottery products? This paper...

Persistent link: https://www.econbiz.de/10005628397

On the Distribution on Lotto.

Lim, F.W. - Research School of Pacific and Asian Studies, College … - 1995

Persistent link: https://www.econbiz.de/10005630828

Tote arbitrage and lock opportunities in racetrack betting

Edelman, David; O'Brian, Nigel - In: The European Journal of Finance 10 (2004) 5, pp. 370-378

A game-theoretic approach to the investigation of arbitrage opportunities based on combinations of exotic wagers for the same event is described. This situation is also known as a 'lock' or 'Dutch Book'. The technique is applied to recent totalizator data from Australian thoroughbred races. It...

Persistent link: https://www.econbiz.de/10005471902

International Confidence in Italian Economy. A Spread and Gambling Analysis

MURGEA, Aurora - In: Timisoara Journal of Economics and Business 8 (2015) 1s, pp. 70-89

Gambling is an ancient human activity with a prevalent position nowadays both as a social entertainment activity and as … a way to gain money effortless. Every country has its specific pattern in gambling determined both by its cultural and …, annual variation of GDP or unemployment were previously proved to be connected with the gambling industry. The aim of this …

Persistent link: https://www.econbiz.de/10011188975

Cumulative prospect theory and gambling

Cain, M; Law, D; Peel, D - Department of Economics, Management School - 2005

Whilst Cumulative Prospect theory (CPT) provides an explanation of gambling on longshots at actuarially unfair odds, it … outcomes observed in gambling markets. …

Persistent link: https://www.econbiz.de/10011195982

The Sensitivity of Findings of Expected Bookmaker Profitability

Krieger, Kevin; Fodor, Andy; Stevenson, Greg - In: Journal of Sports Economics 14 (2013) 2, pp. 186-202

Levitt demonstrates that, contrary to conventional wisdom, sports books may not try to balance the money wagered on the sides of a game but instead exploit preferences of bettors in order to maximize expected profits. Levittâ€™s findings are based on unique data from a wagering contest of...

Persistent link: https://www.econbiz.de/10011139191

Prediction Markets, Twitter and Bigotgate

Williams, Leighton Vaughan; Reade, James - Henley Business School, University of Reading - 2014

We consider the impact of breaking news on market prices by looking at activity on the micro-blogging platform Twitter surrounding the #bigotgate scandal during the 2010 UK General Election, and subsequent movements of betting prices on a prominent betting exchange, Betfair. We find that the...

Persistent link: https://www.econbiz.de/10011086464

Blackjack in Holland Casino's : Basic, optimal and winning strategies

van der Genugten, B.B. - Tilburg University, School of Economics and Management - 1995

This paper considers the cardgame Blackjack according to the rules of Holland Casino's in the Netherlands. Expected gains of strategies are derived with simulation and also with analytic tools. New effiency concepts based on the gains of the basic and the optimal strategy are introduced. A...

Persistent link: https://www.econbiz.de/10011087125

Beat the dealer in Holland Casino's Black Jack

van der Genugten, B.B. - Tilburg University, School of Economics and Management - 1993

Persistent link: https://www.econbiz.de/10011087161