The possibility to use hedging strategies is an often neglected aspect in the literature on prediction/betting markets, as most papers assume that bettors will bet according to their beliefs about the probability of the outcome of the event, as opposed to the direction in which the odds will...

Contents: 1. Consumer spending on spectator sports, physical activity, and sports betting: evidence from Canada. / Brad Humphreys, Jane Ruseski and Jie Yang -- 2. Should gambling markets be privatized? An examination of state lotteries in the United States. / Kent Grote and Victor A. Matheson --...