The Sensitivity of Findings of Expected Bookmaker Profitability
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College of Liberal Arts Newsletter
Fall 2007 “So, what can you do with a liberal arts degree?” e are asked this question frequently by Star for his service in Vietnam, where he served as a Professional Rock freshmen trying to choose a major. Per- correspondent and managing editor of the Southern Climber. Acknowl- W haps you heard it from an uninformed Cross. edged as one of relative at your commencement party. Our answer the best all-round to the question is, “With a liberal arts degree from CEO for Power Companies. In a career featur- climbers in the world, Colorado State University, you can do anything you ing a number of “firsts,” Judi Johansen (political Steph Davis (English want to do. You can be ... ” science 1980) went from M.A. 1995) was the law school to a power first female to climb Governor of Colorado. The Honorable Bill Ritter industry career in the the Salathé Wall (political science Pacific Northwest. She on El Capitan in Yosemite National Park without 1978) was elected was the first female equipment. She has many other “firsts” on high governor of Colo- president and CEO of mountain rock faces around the world. A profile in rado in 2006. Prior PacifiCorp, a subsid- Outside Online described the upside and downside to his election, he iary of ScottishPower, of Steph’s climbing career. The downside? “Having served as district as well as the first your mom suggest (frequently) that you are out of attorney for the female CEO/adminis- your mind.” The upside? “Yosemite. The Andes. And city and county of trator of the Bonn- a life in which every day is a thrilling vertical grab.” Denver. -
The Role of Preferences, Cognitive Biases, and Heuristics Among Professional Athletes Michael A
Brooklyn Law Review Volume 71 | Issue 4 Article 1 2006 It's Not About the Money: The Role of Preferences, Cognitive Biases, and Heuristics Among Professional Athletes Michael A. McCann Follow this and additional works at: https://brooklynworks.brooklaw.edu/blr Recommended Citation Michael A. McCann, It's Not About the Money: The Role of Preferences, Cognitive Biases, and Heuristics Among Professional Athletes, 71 Brook. L. Rev. (2006). Available at: https://brooklynworks.brooklaw.edu/blr/vol71/iss4/1 This Article is brought to you for free and open access by the Law Journals at BrooklynWorks. It has been accepted for inclusion in Brooklyn Law Review by an authorized editor of BrooklynWorks. ARTICLES It’s Not About the Money: THE ROLE OF PREFERENCES, COGNITIVE BIASES, AND HEURISTICS AMONG PROFESSIONAL ATHLETES Michael A. McCann† I. INTRODUCTION Professional athletes are often regarded as selfish, greedy, and out-of-touch with regular people. They hire agents who are vilified for negotiating employment contracts that occasionally yield compensation in excess of national gross domestic products.1 Professional athletes are thus commonly assumed to most value economic remuneration, rather than the “love of the game” or some other intangible, romanticized inclination. Lending credibility to this intuition is the rational actor model; a law and economic precept which presupposes that when individuals are presented with a set of choices, they rationally weigh costs and benefits, and select the course of † Assistant Professor of Law, Mississippi College School of Law; LL.M., Harvard Law School; J.D., University of Virginia School of Law; B.A., Georgetown University. Prior to becoming a law professor, the author was a Visiting Scholar/Researcher at Harvard Law School and a member of the legal team for former Ohio State football player Maurice Clarett in his lawsuit against the National Football League and its age limit (Clarett v. -
Nfl.Com Releases 2006 Fantasy Football Preview Magazine
NATIONAL FOOTBALL LEAGUE 280 Park Avenue, New York, NY 10017 (212) 450-2000 * FAX (212) 681-7573 WWW.NFLMedia.com Joe Browne, Executive Vice President-Communications Greg Aiello, Vice President-Public Relations FOR IMMEDIATE RELEASE NFL-32 6/8/06 NFL.COM RELEASES 2006 FANTASY FOOTBALL PREVIEW MAGAZINE NFL.com Expert Analysis on Trades, Hidden Gems, Sleepers & Rookies to Look For Player Rankings, Cheat Sheets, & Three-Year Statistical Averages with 2006 Projections Magazine Hits Newsstands on June 12 With football fans already gearing up for the 2006 NFL season more than a month before the opening of training camps, NFL.com has again produced an outstanding tool for fantasy football players to prepare for the upcoming season. For the second consecutive year, the NFL’s own fantasy football magazine – NFL.COM FANTASY FOOTBALL 2006 PREVIEW – provides all the essentials for fantasy players with exclusive analysis and statistics from NFL.com. The magazine hits newsstands on June 12. NFL.COM FANTASY FOOTBALL 2006 PREVIEW, produced by NFL Publishing and Time Inc. Home Entertainment, is priced at $7.99 and features 160 pages of in-depth, position-by-position scouting reports, depth charts, draft cheat sheets, mock drafts, statistics and features. Rankings and analysis found in NFL.COM FANTASY FOOTBALL 2006 PREVIEW will be updated throughout the preseason on NFL.com. Among the highlights: Three Year Averages: A 26-page review of NFL players and their statistics over the past three seasons with projections for 2006. “New Coaches, New Ideas”: NFL.com national editor Vic Carucci discusses how the NFL’s 10 new head coaches will affect the 2006 fantasy football season. -
Arbitrage and Market Efficiency in Sports Betting Markets Bachelor
Arbitrage and Market Efficiency in Sports Betting Markets Bachelor Thesis Rob Clowting 10071881 Economie & Bedrijfskunde Finance & Organization Supervisor: P. Versijp 07-02-2014 Abstract Section Page Introduction 1 Literature and Background 2 Methodology 7 Results 9 Practical application of arbitrage betting 12 Conclusion and Discussion 15 Appendix 16 Reference List 16 1 Introduction Arbitrage is defined as the simultaneous purchase and sale of the same security in two different markets for different prices with a risk free return. In modern financial markets this mispricing is increasingly difficult to exploit for individual investors, but in the market for online sports betting recent literature suggests arbitrage may arise frequently and in an easily expolitable way. The online sports betting market has grown enormously over the past decade due to the rise of the internet and mobile internet devices allowing bettors to place bets on any sports event, at any time, anywhere in the world. According to Bwin.Party, one of the leading global online betting agencies, the global online sports betting market, excluding the US, was estimated to be worth €10.5 billion in 2012 and expected to grow at 7.3% per year for the period 2012-2015 (Bwin.Party, 2013). The market for online sports betting is divided into two seperate markets. The first and best known is the bookmakers market, where individual bettors bet on sports events where the odds have been determined by the bookmakers preferences and information. The other market, which is relatively younger and less well known, is the exchange market, where odds/prices are determined by supply and demand of individual bettors. -
Antoine Cason Football Camp Learn Football from the Best!
Learn Football from the Best! Antoine Cason Football Camp Learn individual and team techniques on both offense and defense from an outstanding coaching staff and members of the San Diego Chargers! Antoine Cason Overnight Football Camp July 6 – 9, 2011 San Diego State University Chris Kluwe Kicking & Punting Camp July 6, 2011 San Diego State University Antoine Cason Day Football Camp July 12 – 13, 2011 John Glenn High School, Norwalk, CA FOR ALL FOOTBALL PLAYERS AGES 7–18! 28TH BIG YEAR FOR SPORTS INTERNATIONAL CAMPS! Join an Outstanding Coaching Staff, Antoine Cason and members of the San Diego Chargers! The San Diego Chargers players who coach at Antoine’s camp teach the same offensive and defensive techniques they are taught by the San Diego Chargers’ coaching staff! You will receive daily instruction, lectures and demonstrations by Antoine Cason and/or members of the San Diego Chargers! Some of the Chargers that have attended the camp include: Junior Seau, Quentin Jammer, Ryan Matthews, Scott Mruczkowski, Antoine Cason, Kassim Osgood, Eric Parker, Keenan McCardell, Mike Goff, Marlon McCree, Jyles Tucker, Brandon McKinney, Greg Camarillo, Cletis Gordon Jr., Jeremy Sheffey, Tyronne Gross and Ron Rivera. ANTOINE CASON RyaN MatHEWS MIKE GOFF Scott MRUCZKOWSKI Defensive Back Running Back Former Guard Center San Diego Chargers San Diego Chargers San Diego Chargers San Diego Chargers The Antoine Cason Overnight and Commuter Football Camp gives you a very intense football training experience with Antoine Cason, an outstanding high school and college coaching staff and members of the San Diego Chargers. The Antoine Cason Day Camp offers some of the best, most intense football training available with an outstanding high school coaching staff and Antoine Cason. -
MINNESOTA VIKINGS EDITION Minnesota Vikings Team History
TEACHER ACTIVITY GUIDE MINNESOTA VIKINGS EDITION Minnesota Vikings Team History Over the past quarter-century, the Minnesota Vikings have consistently been at the top of their division. During that same period, only Dallas has made more playoff appearances. In addition, only four teams have played in more Super Bowls than Minnesota, which participated in Super Bowls IV, VIII, IX and XI. The pro football saga in the Twin Cities began in August 1959, when fi ve Minnesota businessmen were awarded a franchise in the new American Football League. Five months later in January 1960, the same ownership group made up of Bill Boyer, Ole Haugsrud, Bernie Ridder, H. P. Skoglund and Max Winter fi rst forfeited its AFL membership and then was awarded the National Football League’s 14th franchise that was to begin play in 1961. Perhaps no team in history ever had a more spectacular debut than did the Minnesota Vikings in their fi rst game ever on September 17, 1961. Rookie Fran Tarkenton made a once-in-a-generation debut when he came off the bench to throw four touchdown passes and run for a fi fth score to lead his Vikings to a 37-13 thrashing of the fabled Chicago Bears. Two-and-a-half decades later in 1986, Tarkenton became the fi rst Vikings player to be elected to the Pro Football Hall of Fame. Minnesota’s fi rst management team was led by general manager Bert Rose and head coach Norm Van Brocklin. From the start, the Vikings embraced an energetic marketing program that produced a fi rst- year season ticket sale of nearly 26,000 and an average home attendance of 34,586, about 85 percent of the capacity of 40,800 Metropolitan Stadium. -
Afc News 'N' Notes
NATIONAL FOOTBALL LEAGUE 280 Park Avenue, New York, NY 10017 (212) 450-2000 * FAX (212) 681-7573 WWW.NFLMedia.com Joe Browne, Executive Vice President-Communications Greg Aiello, Vice President-Public Relations AFC NEWS ‘N’ NOTES FOR USE AS DESIRED FOR ADDITIONAL INFORMATION, AFC-N-4 9/5/06 CONTACT: STEVE ALIC (212/450-2066) QBs AT FOREFRONT AS STEELERS & DOLPHINS KICK OFF NFL SEASON THURSDAY NIGHT Quarterbacks DAUNTE CULPEPPER and CHARLIE BATCH will drop back to throw the 2006 NFL season into motion Thursday night when Batch and the defending Super Bowl champion Pittsburgh Steelers host Culpepper and the Miami Dolphins in Pittsburgh (NBC, 8:30 PM ET). Batch, a nine-year NFL veteran and Pittsburgh-area native, starts in place of BEN ROETHLISBERGER, who underwent an emergency appendectomy on Sunday. Batch aims to lead the Steelers to their fourth consecutive Kickoff Weekend victory in the club’s first game following its Super Bowl XL championship. Culpepper, making his first start as a member of the Dolphins, can make history in 2006 by being the first player to lead both the AFC and NFC in touchdown passes for a season. Below is a team-by-team look at the men who will play quarterback in the AFC in 2006: BALTIMORE: Acquired in a June trade with Tennessee, STEVE MC NAIR leads the Ravens’ offense. In the past 10 seasons, McNair (153) stands second among active AFC starting quarterbacks in touchdown passes (PEYTON MANNING, 244). The three-time All-Star needs 2,859 passing yards and 61 rushing yards to become only the third player in history to throw for 30,000 yards and rush for 3,500, joining Pro Football Hall of Famers FRAN TARKENTON and STEVE YOUNG. -
Hedging Your Bets: Is Fantasy Sports Betting Insurance Really ‘Insurance’?
HEDGING YOUR BETS: IS FANTASY SPORTS BETTING INSURANCE REALLY ‘INSURANCE’? Haley A. Hinton* I. INTRODUCTION Sports betting is an animal of both the past and the future: it goes through the ebbs and flows of federal and state regulations and provides both positive and negative repercussions to society. While opponents note the adverse effects of sports betting on the integrity of professional and collegiate sporting events and gambling habits, proponents point to massive public interest, the benefits to state economies, and the embracement among many professional sports leagues. Fantasy sports gaming has engaged people from all walks of life and created its own culture and industry by allowing participants to manage their own fictional professional teams from home. Sports betting insurance—particularly fantasy sports insurance which protects participants in the event of a fantasy athlete’s injury—has prompted a new question in insurance law: is fantasy sports insurance really “insurance?” This question is especially prevalent in Connecticut—a state that has contemplated legalizing sports betting and recognizes the carve out for legalized fantasy sports games. Because fantasy sports insurance—such as the coverage underwritten by Fantasy Player Protect and Rotosurance—satisfy the elements of insurance, fantasy sports insurance must be regulated accordingly. In addition, the Connecticut legislature must take an active role in considering what it means for fantasy participants to “hedge their bets:” carefully balancing public policy with potential economic benefits. * B.A. Political Science and Law, Science, and Technology in the Accelerated Program in Law, University of Connecticut (CT) (2019). J.D. Candidate, May 2021, University of Connecticut School of Law; Editor-in-Chief, Volume 27, Connecticut Insurance Law Journal. -
Why Pay-To-Play Daily Fantasy Sports Are Games of Skill Under the Dominant Factor Test Jeffrey C
Marquette Sports Law Review Volume 26 Article 3 Issue 1 Fall The rP edominate Goliath: Why Pay-to-Play Daily Fantasy Sports are Games of Skill Under the Dominant Factor Test Jeffrey C. Meehan Follow this and additional works at: http://scholarship.law.marquette.edu/sportslaw Part of the Entertainment, Arts, and Sports Law Commons Repository Citation Jeffrey C. Meehan, The Predominate Goliath: Why Pay-to-Play Daily Fantasy Sports are Games of Skill Under the Dominant Factor Test, 26 Marq. Sports L. Rev. 5 (2015) Available at: http://scholarship.law.marquette.edu/sportslaw/vol26/iss1/3 This Article is brought to you for free and open access by the Journals at Marquette Law Scholarly Commons. For more information, please contact [email protected]. MEEHAN ARTICLE (DO NOT DELETE) 1/25/2016 9:21 AM ARTICLES THE PREDOMINATE GOLIATH: WHY PAY-TO-PLAY DAILY FANTASY SPORTS ARE GAMES OF SKILL UNDER THE DOMINANT FACTOR TEST JEFFREY C. MEEHAN* I. INTRODUCTION My s**t doesn’t work in the playoffs. My job is to get us to the playoffs. What happensafter that is f***ing luck. - Billy Beane, Oakland Athletics GM1 I don’t mind variance. Actually, I think the biggest hurdle you must overcome to establish yourself as an elite (and profitable) daily fantasy player is to not only tolerate variance, but to embrace and utilize it. - Jonathan Bales, Author and DraftKings Pro2 *Received his J.D. and MBA from Suffolk University Law School in 2015 and received a B.S. in Sport Management from Fisher College in 2011. -
Professional Sports, Hurricane Katrina, and the Economic Redevelopment of New Orleans
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Baade, Robert A.; Matheson, Victor A. Book Part Professional sports, hurricane Katrina, and the economic redevelopment of New Orleans Provided in Cooperation with: Hamburg Institute of International Economics (HWWI) Suggested Citation: Baade, Robert A.; Matheson, Victor A. (2012) : Professional sports, hurricane Katrina, and the economic redevelopment of New Orleans, In: Büch, Martin-Peter; Maennig, Wolfgang; Schulke, Hans-Jürgen (Ed.): Zur Ökonomik von Spitzenleistungen im internationalen Sport, ISBN 979-3-937816-87-6, Hamburg University Press, Hamburg, pp. 123-146 This Version is available at: http://hdl.handle.net/10419/61514 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. http://creativecommons.org/licenses/by-nc-nd/2.0/de/ www.econstor.eu Reihe Edition HWWI Band 3 Robert A. -
The Media's Coverage of Black Coaches in the National
THE MEDIA’S COVERAGE OF BLACK COACHES IN THE NATIONAL FOOTBALL LEAGUE: A CONTENT ANALYSIS OF SPORTS ILLUSTRATED by JEANETTE LYNN OWUSU, B.S. A THESIS IN MASS COMMUNICATIONS Submitted to the Graduate Faculty of Texas Tech University in Partial Fulfillment of the Requirements for the Degree of MASTER OF ARTS Approved Anthony Moretti Chairperson of the Committee Judy Oskan Aretha Marbley Accepted John Borrelli Dean of the Graduate School May, 2005 ACKNOWLEDGEMENTS I would first like to thank my Lord and Savior Jesus Christ. My two years in Lubbock have clearly shown me the power of God and that I can do all things through Christ who strengthens me. I thank my mother for being the mom she is. Her determination and understanding made me the strong individual that I am today, and her support has helped me through my lowest times. I thank all my family and friends for their help, encouragement and prayers. Many thanks are extended to Carter Chapel C.M.E. Church for the prayers and warm hearts. There are so many people that have contributed to me succeeding at this point in life, and much thanks is sent to Mrs. Underwood-Cox, Professor Dayton, Professor Tormey and Ms. Lockhart. I also must thank all individuals who tried to prohibit my progress to success. Their obstacles made me stronger. Last, but certainly not least, I must thank my committee. Their hard work, dedication, and support are greatly appreciated. ii TABLE OF CONTENTS ACKNOWLEDGEMENTS ii LIST OF TABLES iv CHAPTER I. INTRODUCTION 1 1.1 Statement of Purpose 1 2.1 Media Coverage 3 3.1 The Media and Coverage of Controversial Issues 5 4.1 Present Study 7 II. -
Observations from a Sports Betting Exchange
Efficiency, Bias, and Decisions: Observations from a Sports Betting Exchange Alexander Kan University of California, Berkeley May 15, 2020 latest version here Abstract We examine the efficiency of sports wagering markets in a betting exchange and find that they serve as good predictors of true outcomes, but do have a bias in which favorites are undervalued and longshots are overvalued. We consider work on the bias spanning behavioral and structural justifications for its existence, and focus on access to information as well as prospect theory in our analysis. The results from sports betting exchanges in this paper suggest that the existence of the bias is not due to information or transaction costs, implying that work involving sportsbook structure may not accurately reflect market behavior. Further, we show that the bias is not present in bets that were taken prior to the start of a sporting event but is prevalent in bets that take place after it begins. We conclude that more informed bets may be reacting suboptimally to information, and that individuals may be making irrational weighting decisions akin to results found in analysis of prospect theory. Keywords: Market Efficiency, Sports Wagering, Favorite-Longshot Bias, Prospect Theory Acknowledgements: Special thanks to Professor Raymond Hawkins, Todd Messer, as well as my family and friends for support, advice, input, and discussion that aided my efforts. 1 1 Introduction The traditional hypothesis of efficient markets suggests that the market price for a security incorporates all potential information available, and thus it is not possible to predict what will happen better than the market.