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THE OXFORD HANDBOOK of the ECONOMICS of GAMBLING Edi THE OXFORD HANDBOOK OF THE ECONOMICS OF GAMBLING Edi ted by LEIGHTON VAUGHAN WILLIAMS and DONALD S. SIEGEL OXFORD UNIVERSITY PRESS CONTENTS Contributors ix Introduction xiii SECTION I CASINOS 1. The Employment Impact of Casino Gambimg in the U.S. 3 GARY ANDERS 2. The Economics of Casino Taxation 18 JOHN E. ANDERSON 3. The Elasticity of Casino Gambling 37 MARK W. NICHOLS AND MEHMET SERKAN TOSUN 4. The Economics of Asian Casino Gaming and Gambling 55 RICARDO CHI SEN SIU 5. How does Implementation of a Smoking Ban Affect Gaming? 87 JOHN C. NAVIN, TIMOTHY S. SULLIVAN, AND WARREN D. RICHARDS 6. Overview of the Economic and Social Impacts of Gambling in the United States 108 DOUGLAS M. WALKER SECTION II SPORTS BETTING 7. The Economics of Online Sports Betting 131 GEORGE DIEMER AND RYAN M. RODENBERG 8. The Football Pools 147 DAVID FORREST AND LEVI PÄREZ 9• The Efficiency of Soccer Betting Markets 163 JOHN GODDARD Vi CONTENTS 10. The Efficiency of Pelota Betting Markets 172 LORETO LLORENTE, JOSEMARI AIZPURUA, AND JAVIER PUERTOLAS 11. The Lure of the Pitcher: How the Baseball Betting Market Is Influenced by Elite Starting Pitchers 194 RODNEY J. PAUL, ANDREW P. WEINBACH, AND BRAD R. HUMPHREYS 12. Information Efficiency in High-Frequency Betting Markets 210 J. JAMES READE AND JOHN GODDARD SECTION III HORSE RACE BETTING 13. On the Long-Run Sustainability of Tote Betting Markets 235 DAVID EDELMAN 14. The Economics of Racetrack-Casino (Racino) Gambling 241 RICHARD THALHEIMER 15. The Modern Racing Landscape and the Racetrack Wagering Market: Components of Demand, Subsidies, and Efficiency 256 RAMON P. DEGENNARO AND ANN B. GILLETTE 16. What Explains the Existence of an Exchange Overround? 276 DAVID MARGINSON 17. Insider Trading in Betting Markets 298 ADI SCHNYTZER 18. Pricing Decisions and Insider Trading in Fixed-Odds Horse Betting Markets 316 ADI SCHNYTZER, VASILIKI MAKROPOULOU, AND MARTIEN LAMERS SECTION IV BETTING STRATEGY 19. Betting on Simultaneous Events and Accumulator Gambles 341 ANDREW GRANT 20. A Primer on the Mathematics of Gambling 370 ROBERT C. HANNUM 21. The Science and Economics of Poker 387 ROBERT C. HANNUM CONTENTS VÜ 22. The Kelly Criterion with Games of Chance 4°2 LEONARD C. MACLEAN AND WILLIAM T. ZIEMBA 23. Exploiting Expert Analysis? Evidence from Event Studies in an Information-Rich Market Environment 428 MICHAEL A. SMITH SECTION V MOTIVATION, BEHAVIOR AND DECISION-MAKING IN BETTING MARKETS 24. Betting Motivation and Behavior 451 ALISTAIR BRUCE 25. Motivation in Betting Markets: Speculation, Calculus, or Fun? 474 LES COLEMAN 26. Evidence of Biased Decision-Making in Betting Markets 487 DAVID MCDONALD, MING-CHIEN SUNG, AND JOHNNIE JOHNSON 27. Behavioral Finance and Point Spread Wagering Markets 518 GREG DURHAM SECTION VI PREDICTION MARKETS AND POLITICAL BETTING 28. A Simple Automated Market Maker for Prediction Markets 543 DAVID JOHNSTONE 29. The Long History of Political Betting Markets: An International Perspective 560 PAUL W. RHODE AND KOLEMAN STRUMPF SECTION VII LOTTERIES AND GAMBLING MACHINES 30. The Efficiency of Lottery Markets 589 DAVID FORREST AND O. DAVID GULLEY 31. The National Lottery 6x1 JOHN LEPPER AND STEPHEN CREIGH-TYTE VÜi CONTENTS 32. The Benefits and Costs of Slot Machine Gambling 637 SCOTT FARROW AND CHAVA CARTER 33. The Economics of Lotteries: A Survey of the Literature 670 KENT GROTE AND VICTOR A. MATHESON 34. The Taxation of Gambling Machines: A Theoretical Perspective 692 LEIGHTON VAUGHAN WILLIAMS AND DAVID PATON Name Index 701 General Index 703 .
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