Print page

The Economics of Gambling and National Lotteries

Edited by Leighton Vaughan Williams, Professor of Economics and Finance and Director, Betting Research Unit, Nottingham Business School, Nottingham Trent University, UK
This timely collection will be an immensely valuable resource for academics, policy-makers, those commercially involved in the betting and gaming sectors as well as the interested layman.
Extent: 608 pp
Hardback Price: $343.00 Web: $308.70
Publication Date: 2012
ISBN: 978 1 84376 344 4
Availability: In Stock

Buy the E-Book @ paperback price

Join our mailing list

  • Economics and Finance
  • Econometrics
  • Game Theory
  • Public Finance
  • Welfare Economics
In recent years there has been a substantial global increase in interest in the study of gambling. To some extent this has mirrored seismic changes in the way that betting and gaming markets worldwide are taxed and regulated. This has heightened interest in a wide range of issues related to this sector including its regulation, public policy and commercial strategy as well as the ideal structure of gambling taxes and devising optimal responses to environmental changes, such as the growth of online gambling. This volume, by bringing together the work of leading scholars, will cover the spectrum of such perspectives, as well as examining the efficiency of betting markets, to provide an assessment of developments and current understanding in the study of the economics of gambling. This timely collection will be an immensely valuable resource for academics, policy-makers, those commercially involved in the betting and gaming sectors as well as the interested layman.
40 articles, dating from 1949 to 2010
Contributors include: W.R. Eadington, D. Forrest, J.E.V. Johnson, S. Levitt, D. Paton, D. Peel, D. Siegel, M.A. Smith, M. Sung, W. Ziemba


Introduction Leighton Vaughan Williams

1. R.M. Griffith (1949), ‘Odds Adjustments by American Horse-Race Bettors’
2. Wayne W. Snyder (1978), ‘Horse Racing: Testing the Efficient Markets Model’
3. Richard H. Thaler and William T. Ziemba (1988), ‘Anomalies. Parimutuel Betting Markets: Racetracks and Lotteries’
4. Jack Dowie (1976), ‘On the Efficiency and Equity of Betting Markets’
5. Richard E. Quandt (1986), ‘Betting and Equilibrium’
6. Joe Golec and Maurry Tamarkin (1998), ‘Bettors Love Skewness, Not Risk, at the Horse Track’
7. William Hurley and Lawrence McDonough (1995), ‘A Note on the Hayek Hypothesis and the Favourite-Longshot Bias in Parimutuel Betting’
8. Michael A. Smith, David Paton and Leighton Vaughan Williams (2006), ‘Market Efficiency in Person-to-Person Betting’
9. Hyun Song Shin (1991), ‘Optimal Betting Odds against Insider Traders’
10. Leighton Vaughan Williams and David Paton (1997), ‘Why is There a Favourite-Longshot Bias in British Racetrack Betting Markets?’
11. N.F.R. Crafts (1985), ‘Some Evidence of Insider Knowledge in Horse Race Betting in Britain’
12. Leighton Vaughan Williams (1999), ‘Information Efficiency in Betting Markets: A Survey’
13. M. Sung and J.E.V. Johnson (2010), ‘Revealing Weak-Form Inefficiency in a Market for State Contingent Claims: The Importance of Market Ecology, Modelling Procedures and Investment Strategies’
14. Ruth N. Bolton and Randall G. Chapman (1986), ‘Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races’
15. Kelly Busche and Christopher D. Hall (1988), ‘An Exception to the Risk Preference Anomaly’

16. Michael Cain, David Law and David Peel (2000), ‘The Favourite-Longshot Bias and Market Efficiency in UK Football Betting’
17. David Paton and Leighton Vaughan Williams (2005), ‘Forecasting Outcomes in Spread Betting Markets: Can Bettors Use “Quarbs” to Beat the Book?’
18. Colin F. Camerer (1989), ‘Does the Basketball Market Believe in the “Hot Hand”?’
19. William O. Brown and Raymond D. Sauer (1993), ‘Does the Basketball Market Believe in the “Hot Hand”? Comment’
20. Steven D. Levitt (2004), ‘Why are Gambling Markets Organised so Differently from Financial Markets?’

21. William R. Eadington (1999), ‘The Economics of Casino Gambling’
22. Daniel B. Suits (1979), ‘The Elasticity of Demand for Gambling’
23. John E. Anderson (2005), ‘Casino Taxation in the United States’
24. David Paton, Donald S. Siegel and Leighton Vaughan Williams (2002), ‘A Policy Response to the E-Commerce Revolution: The Case of Betting Taxation in the UK’
25. David Paton, Donald S. Siegel and Leighton Vaughan Williams (2004), ‘Taxation and the Demand for Gambling: New Evidence from the United Kingdom’
26. Ricardo Gazel (1998), ‘The Economic Impacts of Casino Gambling at the State and Local Levels’
27. Donald Siegel and Gary Anders (2001), ‘The Impact of Indian Casinos on State Lotteries: A Case Study of Arizona’
28. Donald S. Elliott and John C. Navin (2002), ‘Has Riverboat Gambling Reduced State Lottery Revenue’
29. Douglas M. Walker and John D. Jackson (2008), ‘Do U.S. Gambling Industries Cannibalize Each Other?’
30. Chad Cotti (2008), ‘The Effect of Casinos on Local Labor Markets: A Country Level Analysis’
31. Patricia B. Reagan and Robert J. Gitter (2007), ‘Is Gaming the Optimal Strategy? The Impact of Gaming Facilities on the Income and Employment of American Indians’

32. Dek Terrell (1994), ‘A Test of the Gambler’s Fallacy: Evidence from Pari-mutuel Games’
33. Charles T. Clotfelter and Philip J. Cook (1991), ‘Lotteries in the Real World’
34. Charles T. Clotfelter and Philip J. Cook (1993), ‘Notes: The “Gambler’s Fallacy” in Lottery Play’
35. Jonathan Guryan and Melissa S. Kearney (2008), ‘Gambling at Lucky Stores: Empirical Evidence from State Lottery Sales’
36. Thomas A. Garrett and Russell S. Sobel (1999), ‘Gamblers Favor Skewness, Not Risk: Further Evidence from United States’ Lottery Games’
37. David Forrest, Robert Simmons and Neil Chesters (2002), ‘Buying a Dream: Alternative Models of Demand for Lotto’
38. Richard Thalheimer and Mukhtar M. Ali (1995), ‘The Demand for Pari-mutuel Horse Race Wagering and Attendance’
39. Melissa Schettini Kearney (2005), ‘State Lotteries and Consumer Behavior’
40. Kent R. Grote and Victor A. Matheson (2006), ‘Dueling Jackpots: Are Competing Lotto Games Complements or Substitutes?’