A model for strategic behaviour in parimutuel gambles with unequal winning-probabilities is developed and applied to gambles based on soccer results. Assuming that the bookmakers' quotas reflect the true probability of each possible result of a soccer game, we are able to derive a formula for...

This study explores the optimal payout structure and prize distribution of instant (scratch-off) lottery games. Using ticket sales data for 185 instant lottery games sold between 2007 and 2011 by the Maryland State Lottery and Gaming Control Agency, we calculate the price elasticity of demand...

Lotto demand modeling typically focuses on a single game and evaluates whether estimated “effective price” (expected loss from buying one ticket) elasticity is consistent with net revenue maximization. However, a portfolio of several different lottery games is now usually offered to players...

Clock rule changes were introduced in the 2006 season with the goal of reducing the average duration of the game; these changes were reversed in 2007. In addition, in 2007 the kickoff rule was changed to create more excitement and potentially more scoring. We examine what happened to actual and...

In Greece a lotto game has been offered since 1990 whereas a new version was introduced seven years later with a clearly more skewed payoff. This paper aims to analyze whether demand estimates from the original game help explain the subsequent innovation and to assess, in that sense, the...