DOCSLIB.ORG

European Lotteries

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
European Lotteries Reports EUROPEAN LOTTERIES European lotteries - instant gratification Lottery is big business. Total turnover for the European lottery and sports betting sector reached €76.7bn with a GGR in 2012 of €34.1bn. There are more than 380,000 Points of Sales whilst the largest lottery activities in the EU are draw based games such as Lotto, EuroMillions or Joker brands Draw games, offered in all 27 member states of mobile and internet systems. Lotteries are now increase in 2014. The Santa Casa de Misericordia European Lottery Association, saw sales of refreshing their current instant games and de Lisboa lottery saw sales of €711m in the €49.2bn and a GGR of €22.4bn (66 percent). expanding the number of games in their line up instant category compared to €37.3m back in The second largest category is instant games whilst adding branded games. So what is the 2005. The lottery is now rolling out a second with EU sales of €20.2bn and GGR of €6.6bn reason behind their success? family of instant games. (19 percent). Sports game categories saw a total According to Scientific Games, Gratta e Vinci Other growth markets in the lottery field GGR of €1.9bn (six percent) whilst EGMs (slots implemented an integrated product include the development of second chance and VLTs) are operated in only a few EU management approach with marketing, inside promotions similar to the scheme introduced by member states and this saw a GGR of €2.8bn sales, distribution, retailer training and in-store TIPOS in Slovakia which offers players more (eight percent). product display optimisation. chances of winning by entering codes from The fastest growing lottery product category The lottery has about 34 instant games on sale lottery tickets purchased at retail via internet in Europe is Instant Games and this sector has in the marketplace at any given time through its and mobile promotions. Some offer prizes or more potential to grow through innovation and 65,000 retailers in Italy. Their most successful points for playing. development. instant products are the Milardario brand which Mobile phone use is also increasing for the Until 10 years ago instants were only a small is sold at €5, €10 or €20 price points. lottery sector in Europe – already 84 percent of part of the European lottery mix and some say The brand is based on spotlight games European lotteries are utilising mobile phone the catalyst behind the growth was Italy’s re- developed by Scientific Games and launched in apps to connect players to the lottery and its launch of their instant product in 2004. The the US last year. The €20 Milardario game alone products. Some lotteries have integrated social Gratta e Vinci’s instant game sales has accounted for €2.2bn in sales in Italy whilst in media components into the games and surpassed lotto sales with a 500 percent growth France the €5 cash game operated by Fracaise promotions and most lottery operators aim to rate since 2005, and is the world leader for total des Jeux drove €2.2bn in revenue into their connect mobile and retail together. instant sales with €9.4bn in 2014. business in 2014. Intralot for example has a mobile applications Developed in the US, the instant game is now Portugal has also seen a huge growth in product line consisting of innovative native tying into gaming systems at retail and also instant game sales in 2014 with an 18 percent applications offering an intuitive user PD@ NEWSWIRE / INTERACTIVE / 247.COM experience in cooperation with a powerful customers happy with shorter queues and faster interactive gaming and offering digital signage player account management system, that when service. services. Dreamtouch motivates an impulse buy combined, transfer the traditional lottery Antonis Dimos, Intralot Group Director concept with a simple, fast and enjoyable experience to the mobile. Lotteries said: “Vending machines of the past gaming experience that is rewarding for players More and more lotteries are also including were used to sell scratch and draw games with and allows the lottery to increase product sales vending machines as part of their product many limitations in an inflexible solution. and improve brand/product awareness.” distribution strategies as these enable products Intralot’s Dreamtouch redefines the market and To reach new players Norsk Tipping and De to be sold in more locations whilst keeping sets new standards in selling scratch games, Lotto have both expanded their retail network to include major supermarkets chains. Scientific EUROPEAN LOTTERY GAMES CATEGORISED Games has been working with Norsk Tipping for the roll out of WAVE M retail terminals. The GAME CATEGORY LOTTERIES GGR 2012 SALES 2012 Norwegian lottery pioneered the launch of a REPORTING new in-lane supermarket solution in 2008 and is now working with Scientific Games to refresh Draw based games 51 €22.4bn €49.1bn its instant product portfolio. Norsk Tipping offer Instant games 44 €6.6bn €20.2bn a player card registration for debit card like convenience and player history. Sports games pari-mutuel 37 €552bn €1.4bn Meanwhile Intralot’s Omni-Channel concept Sports game fixed odds 32 €1.3bn €5.8bn enables all players’ interaction points to be EGMs 5 €2.8bn managed in a single and transparent manner Other gaming 9 €331m whether they play via retail outlets, via the internet, mobile or iTV. It enables players to experience the lottery in a consistent way across TOTAL 52 €34.1bn €76.7bn the channels. NEWSWIRE / INTERACTIVE / 247.COM PDA Reports EUROPEAN LOTTERY & THE SUPPLIERS INTRALOT SCIENTIFIC GAMES IGT Intralot is a supplier of integrating gaming, A leading innovator in global lottery, Scientific IGT is a public limited company and in 2014 transaction processing systems, game content Games launched technology for the world’s first merged with GTECH with headquarters in the UK and interactive services with products and secure instant lottery game in 1973. With and offices in Rome, Italy, Las Vegas, Nevada services for lottery, betting, racing and VLT headquarters in Las Vegas they today partner and Rhode Island. markets. The company was set up in 1992 and 150 lotteries worldwide with facilities in Europe, It offers solutions for gaming, lottery and has its headquarters in Greece with a presence North and South America and Asia including interactive sectors across the spectrum from in 57 jurisdictions across five continents and is a Camelot (UK), Francaise de Jeux (France), Grata e retail, web and mobile. They supply draw game lottery operator and system vendor. Vinci (Italy), Norsk Tipping (Norway), Veikkaus Oy solutions, instants and interactive games. It is one of the leaders in the lottery sectors (Finland), Loterie Romande (Switzerland), IGT has been involved with the lottery sector and offers 400 games in its library with 15 new Szerencsajatek Zrt (Hungary), Loterie Nationale since 1980 and provides retail solutions and games launched every year. Intralot has 50,000 (Luxembourg) and 16 lotteries in Germany. services, games and technology and has types of POS established globally with 100,000 They provide al products and services from partners in the US, Europe, Latin America as well terminals installed worldwide. lottery systems, retail POS technology, instant as Lottomatica in Italy. European customers include OPAP (Greece), and draw games, management systems and In October last year IGT unveiled its new Staatsloterij and De Lotto (Netherlands) and interactive products. lottery solution Aurora which builds on the Gosloto (Russia). Intralot also acts as operators They provide traditional lottery games, digital success of the Enterprise Series System, a in Malta (Maltco), Bulgaria (Eurofootball), Turkey and mobile and television game show products central system and back office application. (Iddaa) and Italy (Intralot Italia). and offer a range of licensed brands. The The Aurora provides an entirely new level of In Europe Intralot was selected last year by company also developed the Cooperatives system integration and flexibility to integrate to Premier Lotteries Ireland as its technology Services Program (CSP) an instant category third party applications or games. provider for the supply of new lottery software management system. Retail solutions include Aurora Retailer and terminals in Ireland whilst in Croatia Intralot Scientific’s lottery sector saw revenues of manager, Aurora Sales ProMotor and Aurora extended its agreement with the Croatian Sate $191.3m for the third quarter ending September Performance Intel, Aurora Lottery Services portal Lottery and in Greece Intralot signed a 2015 of which $137.6m came from instant and Aurora SmartCount. IGTiLottery also technology contract with OPAP. games, $8.7m in product sales and $45m in provides services and end-to-end solutions with Sales in Italy for Intralot saw a huge boost in services. Total lottery sales saw a decline during third party products. sales in 2014 and they remain the largest non this period of $21.4m. In Italy IGT has a total of 8,392 supplied VLTs Italian sports betting company in the country. In Europe Scientific signed a six year contract and some 10,956 VLTs (operator B2C) plus Group revenues for 2014 amounted to €1.8bn with a three year extension option to provide 65,316 AWPS. – a 20 percent increase on the previous year. instant games CPS to Land Brandenburg Lotto Revenue in Italy was $414m for the third Intralot Interactive is the online subsidiary in Germany. They also signed a five year lottery quarter of 2015. Total lottery wagers in the third providing technology to lotteries and state retail technology contract with Lotto Toto GmbH quarter were €1.68bn compared to €1.75bn last organisations worldwide. Sachsen-Anhalt in Germany to include 725 year. The €10 Lotto performance was Antonis Dimos, Group Director Lotteries said: terminals, software and maintenance services.
Load more

Recommended publications
  • Annual Report 2015 Staatliche Toto-Lotto Gmbh Baden-Württemberg
    Annual Report 2015 Staatliche Toto-Lotto GmbH Baden-Württemberg Staatliche Toto-Lotto GmbH Baden-Württemberg Nordbahnhofstraße 201 70191 Stuttgart Telephone: +49 711-81 000-0 Telefax: +49 711-81 000-40 [email protected] www.lotto-bw.de www.spielen-mit-verantwortung.de Staatliche Toto-Lotto GmbH Baden-Württemberg Annual Report 2015 1 Table of Contents 1 Table of Contents 2 Foreword 4 Business development 2015 6 Overview of gaming types 6 LOTTO 6aus49 6 Eurojackpot 7 Spiel 77 and SUPER 6 8 KENO and plus 5 8 Silvester-Millionen 9 GlücksSpirale 10 TOTO 10 ODDSET 10 Instant lotteries 11 Balance sheet of winners 12 Lottery funding 14 Responsible Gaming 16 Lotto online 18 Lotto Baden-Württemberg on social media 20 Information processing 21 Customer service 22 Sales organisation 23 Employee development 24 Corporate communication 25 Memberships and certificates 26 History of the company 28 Organs of the Company Legal Notice 2 Annual Report 2015 Staatliche Toto-Lotto GmbH Baden-Württemberg Staatliche Toto-Lotto GmbH Baden-Württemberg Annual Report 2015 3 Foreword Dear readers, The very first winning number drawn in the Especially for our regular customers, we hired a Stuttgarter LOTTO was the magical number 13, drawn on marquee at the Cannstatter Wasen in October, Nachrichten, 9 October 1955. In the ongoing ranking of num- and celebrated the anniversary with more than May 11, 1957. bers drawn, it is currently in the last place. 4,000 guests. As well as the many celebrations, 60 years on, the 43 is the most frequently we strengthened our core business in 2015.
    [Show full text]
  • Table of Contents
    Table of contents Page 2 of 19 Table of contents ....................................................................................................................... 2 1. Lotteries in the EU and Europe 2012 - Executive Summary .................................................... 3 2. Introduction and background .................................................................................................... 5 3. Tables and figures Table ........................................................................................................... 7 1a: Participating lotteries in the EU .............................................................................................. 7 Table 1b: Participating lotteries outside the EU ............................................................................ 8 Table 2: GGR 2012 in the EU by game category .......................................................................... 8 Figure 1: GGR 2012 in the EU by game category ........................................................................ 9 Table 3: GGR 2012 for EL members by game category ............................................................... 9 Table 4: Lottery sales 2012 in the EU by game category ........................................................... 10 Figure 2: Lottery sales 2012 in the EU by game category .......................................................... 10 Table 5: Lottery sales 2012 for EL members by game category ................................................. 10 Table 6: GGR development in the
    [Show full text]
  • Public Gaming International Magazine May/June 2017
    The Damage to Brand efore exploring the ways and means The key part of the sentence is “where the Lottery Bto displace illegal operators from the consumer is located” as opposed to where marketplace, we should begin by clari- the operator is located. The members of the Caused fying what it means to be an illegal illegal gaming community are continually operator, define the difference between legal exploiting new developments in technol- and illegal lottery. That definition varies ogy and legal loopholes to claim that a legal by Lottoland depending on the continent, the country, or license in one jurisdiction entitles them to even within the jurisdiction you are taking as operate in all without regard to the legal- and Illegal a reference. Let’s refer to the definition artic- ity in the jurisdiction where the consumer ulated by the Council of Europe Convention resides. This posture enables them to essen- “Secondary” on the Manipulation of Sports Competitions. tially hijack the revenues of legally licensed It addresses the issue of match-fixing in operators all around the world, depriving the Lotteries: sports, but it is a definition that can apply good causes supported by licensed operators to all forms of games-of-chance. It is the and channeling those profits over to private first time that an international institution shareholders. The evidence of this is already A Call to has endeavored to clarify the boundaries that having a big impact in Europe and Australia. separate legal from illegal gambling. Article Action 35A of the Council of Europe Convention on the Manipulation of Sports Competitions The business model of these “secondary establishes that any sports betting activ- lotteries” works like this: First, they tech- ity whose type or operator is not allowed nically are not operating a lottery.
    [Show full text]
  • Annual Report 2016 Staatliche Toto-Lotto Gmbh Baden-Württemberg
    Annual Report 2016 Staatliche Toto-Lotto GmbH Baden-Württemberg Premium-Annahmestelle Staatliche Toto-Lotto GmbH Baden-Württemberg Nordbahnhofstraße 201 70191 Stuttgart, Germany Telephone: +49 711-81 000-0 Telefax: +49 711-81 000-40 [email protected] www.lotto-bw.de www.spielen-mit-verantwortung.de 2 Annual Report 2016 Staatliche Toto-Lotto GmbH Baden-Württemberg Staatliche Toto-Lotto GmbH Baden-Württemberg Annual Report 2016 1 Table of contents 1 Table of contents 2 Foreword 4 Business development 2016 6 Overview of gaming types 6 LOTTO 6aus49 6 Eurojackpot 7 Spiel 77 and SUPER 6 8 KENO and plus 5 8 Silvester-Millionen 9 GlücksSpirale 9 Sieger-Chance 10 TOTO 10 ODDSET 10 Instant lotteries 11 Balance sheet of winners 12 Lottery funding 14 Responsible Gaming 16 Lotto online 18 Lotto Baden-Württemberg on social media 19 Information processing 20 Customer service 21 Sales organisation 22 Employee development 23 Corporate communication 24 Memberships and certificates 25 Sustainability 26 History of the company 28 Organs of the Company Legal Notice 2 Annual Report 2016 Staatliche Toto-Lotto GmbH Baden-Württemberg Staatliche Toto-Lotto GmbH Baden-Württemberg Annual Report 2016 3 Foreword Dear Readers, 2016 was a year of high-intensity work for Lotto lottery‘s special feature is that it guarantees Successful relaunch Baden-Württemberg. After an eventful jubilee a prize of Euro 100,000 every week, exclusively of the homepage year, we concentrated on the core business in Baden-Württemberg. www.lotto-bw.de in 2016 and set the direction for the future. The Lotto Academy, close to Freiburg, was Stakes in Baden-Württemberg increased by opened at the start of the year.
    [Show full text]
  • Lottery Gambling and Addiction: an Overview of European Research Mark D
    Lottery gambling and addiction: An overview of European research Mark D. Griffiths and Richard T.A. Wood Psychology Division Nottingham Trent University Address for written correspondence: Psychology Division, Nottingham Trent University, Burton Street, Nottingham, NG1 4BU, United Kingdom. Address for written e-mail correspondence: [email protected] [email protected] The authors would like to thank all the people who provided information in the compiling of this study. Lottery gambling and addiction: An overview of European research This report is the first in a series of papers to concentrate on gambling in Europe. The focus of this first report is lottery gambling (including scratchcards and video lottery terminals) across Europe in relation to addiction and other social impacts. We are well aware that the picture we present in this first report is incomplete as there is very little in the established peer-reviewed research literature on the social impact of lottery gambling. It is hoped that this report will provide the starting basis for others in both the academic and gambling industry communities to "fill in the gaps". Compiling this report has not been easy for a number of reasons. These all have a bearing on the conclusions that we make at the end. The areas of concern that that we would like to raise at the outset include: - The diverse quality and variety of sources used: This report has been compiled using the small amount of academic literature, academic conference papers, annual gaming reports, market research reports, lottery website information, and personal communications. A major weakness of the information that we have gathered in this report stems from the fact that a lot of it is what we would call "grey literature" that is not published in peer-reviewed academic journals and has therefore not come under the scrutiny of peers in the field.
    [Show full text]
  • Gambling Related Harm: a Review of the Scope for Population Health Intervention
    Gambling Related Harm: A review of the scope for population health intervention Allison Thorpe Charis Miller, Knowledge Services, NHS Health Scotland 30 June 2014 0 Contents Background to Review: Gambling in Scotland ............................................................................................ 3 Methodology and Research Questions .......................................................................................................... 4 Quality of evidence and limitations of this review ......................................................................................... 5 Findings: ............................................................................................................................................................. 6 Motivations for problem gambling ............................................................................................................... 6 Identifying problem gambling ................................................................................................................... 8 Associations of gambling with other health conditions and lifestyle behaviours ............................... 16 Alcohol use ............................................................................................................................................... 16 Tobacco use ............................................................................................................................................. 17 Substance abuse ....................................................................................................................................
    [Show full text]
  • European Parliament European Court of Justice
    European Tax Report Confédération Fiscale Européenne (CFE) April 2009 / Edition 4 NEWS - INDIRECT TAX European Court of Justice European Parliament Universal postal service exempt from VAT (Case C-357/07) MEPs support actions to improve The ECJ ruled in its decision made on 23 April 2009 fight against VAT fraud l that the universal postal service carried out by the British Royal Mail is exempt from VAT insofar as On 24 April, the European Parliament adopted the this operator provides postal services in response advisory report of Cornelis Visser (EPP-ED, Nether- to the essential needs of the British population. The lands) on changes to the “VAT directive” (2006/112/ ECJ notes, however, that the Royal Mail is subject to EC) to fight more effectively against VAT fraud linked VAT when it provides individually negotiated provisi- to intra-Community imports. The report supports the ons of service. Commission's proposal to toughen up VAT exemption conditions when imports of goods are followed by a As Royal Mail before was the only universal postal transfer to another Member State, and to make the service provider in the UK it was obliged to provide a provider carrying out the intra-Community operations universal postal service. From 2006, the postal mar- liable for losses in VAT revenue caused by its custo- ket in the UK was fully liberalised, without affecting mer to the Member State of destination when the said the status and obligations of Royal Mail. The conve- provider has not made any declaration or has provi- yance by Royal Mail of postal packets and letters is ded incomplete or erroneous data.
    [Show full text]
  • 68 I-CHING Index # Australia New Zealand United States UK Malaysia
    World Lottery game #s V24 Bulgaria South Africa current as of 05/24/2021. 14 6/49 14 Lotto 6/49 Gam e # GAME 34 6/42 28 Powerball 5/45 & 1/20 0 Dice 55 5/35 3 Oz Lotto 7/45 1 Coin toss 37 Pick 3 3/(0-9) 2 Keno 1-20 #S from 1-80 Croatia 5 Xlotto 6/45 62 Euro Jackpot 5/50 2/10 16 Hrvatska Loto 7/39 40 Super66 6/(0-6) dup alowed 68 I-CHING index # 17 Hrvatska Loto 6/45 65 Set for life 8/37 Australia Denmark 66 Keno coin toss 1/ (0-2) 3 Oz Lotto 7/45 24 Danish Lotto 7/36 & 1/16 South Korea 4 Powerball 7/35 - 1/20 20 Viking Lotto 6/48 5 Lotto 6/45 5 Superdraw 6/45 Spain 5 South Wales Lotto 6/45 Estonia/Latvia/Lithuania 14 La Primitiva 6/49 5 Gold Lotto 6/45 20 Viking Lotto 6/48 Sweden 7 Tatts Lotto 6/40 Finland 31 Lotto 7/35 40 Super66 6 [0-6] dup allowed 16 Lotto 7/39 20 Viking Lotto 6/48 37 Cash 3 3 [0-9] dup allowed 20 Viking Lotto 6/48 Switzerland 59 Set for Life 7/44 France 32 Lotto 6/42 & 1/6 New Zealand 57 Loto 5/49 & 1/10 Taiwan 6 Big Wednesday 6/50+ 0,1,or 2 Germany 58 Taiwan Super Lotto 6/38 + 1/8 7 NZ Lotto 6/40 25 Lotto 7/49 & 1/9 (0-9) 14 Taiwan lotto 6/49 8 NZ Powerball 6/40 - 1/10 14 Lotto 6/49 Turkey United States Greece 14 Lotto 6/49 9 *** U.S.
    [Show full text]
  • Lotteries in Slovakia. the Business Legislation in the Lotteries Segment and Selected Slovakia’S Region Population’S Relationship to Gambling
    ADIKTOLOGIE 125 Lotteries in Slovakia. The Business Legislation in the Lotteries Segment and Selected Slovakia’s Region Population’s Relationship to Gambling METZKER, Z.1, STREIMIKIS, J.2,3 1 | Tomas Bata University, Faculty of Management and Economics, Zlín, Citation | Metzker, Z., Streimikis, J. (2020). Lotteries in Slovakia. The Business Czech Republic Legislation in the Lotteries Segment and Selected Slovakia’s Region Population’s 2 | The University of Economics and Human Science in Warsaw, Poland Relationship to Gambling. Adiktologie, 20(3–4), 125–135; 3 | Lithuanian Institute of Agrarian Economics, Vilnius, Lithuania doi 10.35198/01-2020-002-0006 BACKGROUND: Lotteries are probably the most emerged from the research. The questionnaire’s possible geographically widespread and one of the most profitable reach was 7,537 people during the one-month data types of gambling in terms of revenue in the selected collection, with the return of 129 (1.71%) responses. In country. Players in Slovakia can place a bet in 9 lotteries, total, 33.3% of respondents take part in gambling, 20% of including additional games. AIMS: The main goal of this respondents place bets in lotteries (60.5% of gamblers) paper is to present potential conditions for the development and the most common form of placing a bet is through of lottery business in the Slovak Republic, including legal a terminal (80.8% of players) – in a facility. There are definitions of lottery types, legislative restrictions and state no significant statistical differences in terms of the regulation. A separate part of the paper is dedicated to respondents’ geographical domicile on the frequency analysing the results of a questionnaire research aimed at of gambling, participation in any types of games or the finding out the preferences of selected types of gambling.
    [Show full text]
  • Euromillions Results and Winning Numbers
    EuroMillions Results and Winning Numbers Do I have the EuroMillions Winning Numbers? Not sure where to check the EuroMillions lottery results? The good news is that Lotto247 has taken the hassle and stress of checking the EuroMillions lottery results to see if you matched the EuroMillions winning numbers. After every EuroMillions draw, your EuroMillions numbers will be automatically checked against the drawn EuroMillions winning numbers. Should you have matched the drawn EuroMillions winning numbers and won the jackpot or other prizes, your Lotto247 account will be credited immediately. We will also email you the EuroMillions lottery results. When you buy EuroMillions tickets on Lotto247, you can check the draw results in your Lotto27 account. What is the EuroMillions jackpot amount? EuroMillions is Europe’s most popular lottery game because of the lucrative, life-changing jackpot on offer. On the 11th of December 2020, the EuroMillions lottery recorded its highest jackpot win when one lucky player from France scooped the €200 million (approximately US $246 million) jackpot. The minimum starting jackpot for the EuroMillions lottery is set at €17 million (approximately US $21 million). There is an 11 jackpot rollover cap. If the EuroMillions jackpot has not been won in the 12th draw, it is rolled down and shared between winners in the next prize tier. To check the latest EuroMillions jackpot amount and for more information about this lottery, please visit the EuroMillions play page. When is the EuroMillions draw? Are you ready to take part in Europe’s most lucrative lottery game and stand a chance to win a record- breaking life-changing jackpot? Well, get your lucky EuroMillions numbers ready as the EuroMillions lottery gives you two (2) chances every week to be the next instant millionaire.
    [Show full text]
  • Handbook of Sports and Lottery Markets
    HANDBOOK OF SPORTS AND LOTTERY MARKETS Edited by Donald B. Hausch University of Wisconsin, Madison William T. Ziemba University of British Columbia Oxford University University of Reading AMSTERDAM • BOSTON • HEIDELBERG • LONDON NEW YORK • OXFORD • PARIS • SAN DIEGO SAN FRANCISCO • SINGAPORE • SYDNEY • TOKYO L< JJO*S F.I ASP,V I F,R North-Holland is an imprint of Elsevier Contents List of Contributors xvi Preface xix Introduction to the Series xxiii Part I Industry Studies 1 1 Pari-Mutuel Horse Race Wagering—Competition from Within and Outside the Industry 3 Richard Thalheimer and Mukhtar M. AH 1. Introduction 4 2. Competition from Casino Gaming 5 3. Competition from State Lotteries 7 4. Competition from Professional Sports 8 5. Competition from Live Racing 8 6. Competition from Simulcast Wagering 11 7. Summary and Conclusions 13 References 14 2 Modeling Money Bet on Horse Races in Hong Kong 17 John Bacon-Shone and Alan Woods 1. Introduction 18 2. Variables examined . 18 2.1. Outcome Variables 18 2.2. Independent Variables 19 3. Results and Discussion 19 4. Conclusion 21 References 22 Appendix: 31 Independent Variables Examined (Excluding Quadratic Terms) 23 vii viii Contents Part II Utility, Probability, and Pace Estimation 25 3 Empirical Evidence on the Preferences of Racetrack Bettors 27 Bruno Jullien and Bernard Salanie 1. Introduction 28 2. Some Stylized Facts 30 3. Expected Utility 33 4. Distortions of Probabilities 36 5. Reference Points and Asymmetric Probability Weights 39 6. Heterogeneous Preferences 42 7. Exotic Bets 45 8. Concluding Remarks 46 References 47 4 Approximating the Ordering Probabilities of Multi-Entry Competitions by a Simple Method 51 Victor S.Y.Lo and John Bacon-Shone 1.
    [Show full text]
  • Gambling Law Review Gambling L Aw R Eview
    the Gambling Law Review Law Gambling Gambling L aw R eview Fifth Edition Editor Carl Rohsler Fifth Edition Fifth lawreviews © 2020 Law Business Research Ltd Gambling Law Review Fifth Edition Reproduced with permission from Law Business Research Ltd This article was first published in May 2020 For further information please contact [email protected] Editor Carl Rohsler lawreviews © 2020 Law Business Research Ltd PUBLISHER Tom Barnes SENIOR BUSINESS DEVELOPMENT MANAGER Nick Barette BUSINESS DEVELOPMENT MANAGER Joel Woods SENIOR ACCOUNT MANAGERS Pere Aspinall, Jack Bagnall ACCOUNT MANAGERS Olivia Budd, Katie Hodgetts, Reece Whelan PRODUCT MARKETING EXECUTIVE Rebecca Mogridge RESEARCH LEAD Kieran Hansen EDITORIAL COORDINATOR Gavin Jordan PRODUCTION AND OPERATIONS DIRECTOR Adam Myers PRODUCTION EDITOR Steve Haines SUBEDITOR Claire Ancell CHIEF EXECUTIVE OFFICER Nick Brailey Published in the United Kingdom by Law Business Research Ltd, London Meridian House, 34–35 Farringdon Street, London, EC4A 4HL, UK © 2020 Law Business Research Ltd www.TheLawReviews.co.uk No photocopying: copyright licences do not apply. The information provided in this publication is general and may not apply in a specific situation, nor does it necessarily represent the views of authors’ firms or their clients. Legal advice should always be sought before taking any legal action based on the information provided. The publishers accept no responsibility for any acts or omissions contained herein. Although the information provided was accurate as at May 2020,
    [Show full text]