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The Economics of Sports Betting

Edited by Plácido Rodríguez, University of Oviedo, Spain, Brad R. Humphreys, Department of Economics, West Virginia University, US and Robert Simmons, Lancaster University Management School, UK
This unique book delves into a number of intriguing issues and addresses several pertinent questions including, should gambling markets be privatized? Is the ‘hot hand’ hypothesis real or a myth? Are the ‘many’ smarter than the ‘few’ in estimating betting odds? How are prices set in fixed odds betting markets? The book also explores the informational efficiency of betting markets and the prevalence of corruption and illegal betting in sports.
Extent: 224 pp
Hardback Price: $115.00 Web: $103.50
Publication Date: 2017
ISBN: 978 1 78536 454 9
Availability: In Stock
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This unique book examines how sports betting markets function. Charting recent international developments, expert contributors consider how both bookmakers and stakeholders view these changes, their prime areas of concern and the potential methods for addressing them.

Providing a rigorous economic analysis throughout, this book examines the informational efficiency of betting markets and the prevalence of corruption and illegal betting in sports. Against this background, chapters explore pertinent questions such as: should gambling markets be privatized? Is the ‘hot hand’ hypothesis real or a myth? Are the ‘many’ smarter than the ‘few’ in estimating betting odds? How are prices set in fixed odds betting markets? Chapters also review important policy concerns such as the health implications posed by the potential link between the accelerating popularity of sports betting and the decline in sports participation.

Academics and students studying economics, sports economics and, more specifically, sports betting will find this book an engaging companion. Contemporary and up to date, it will also appeal to stakeholders looking to widen their professional insight.
Contributors: B. Buraimo, X. Che, S. Dobson, A. Feddersen, D. Forrest, J. García, J. Goddard, K.R. Grote, B.R. Humphreys, V.A. Matheson, R. Paul, D. Peel, L. Pérez, P. Rodríguez, J.E. Ruseski, R. Simmons, A. Weinbach, R. Wheeler, J. Yang

Contents:

Introduction

1. Consumer Spending on Spectator Sports, Physical Activity, and Sports Betting: Evidence from Canada
Brad R. Humphreys, Jane E. Ruseski and Jie Yang

2. Should Gambling Markets be Privatized? An Examination of State Lotteries in the United States
Kent R. Grote and Victor A. Matheson

3. Price Setting and Competition in Fixed Odds Betting Markets
Xiaogang Che, Arne Feddersen and Brad R. Humphreys

4. Evaluating Probabilities for a Football In-play Betting Market
Stephen Dobson and John Goddard

5. Forecasting Football Match Results: Are the Many Smarter Than the Few?
Jaume García, Levi Pérez and Plácido Rodríguez

6. New Empirical Evidence on the Tote-SP Anomaly and its Implications for Models of Risky Choice in Gambling Markets
Babatunde Buraimo, David Peel and Robert Simmons

7. Market Efficiency and the Favorite-longshot Bias: Evidence from Handball Betting Markets
Arne Feddersen

8. Hot Arms and the Hot Hand: Bettor and Sportsbook Reaction to Team and Pitcher Streaks in Major League Baseball
Rodney Paul and Andrew Weinbach

9. Investigating the “Hot hand” Hypothesis: An Application to European Football
Rob Simmons and Rhys Wheeler

10. Sports Corruption and Developments in Betting Markets
David Forrest

Index