The Oxford Handbook of the Economics of Gambling

There is growing interest among academics and policymakers in the economics of gambling, which has been stimulated by major regulatory and tax changes in the U.S., U.K. Continental Europe, Asia, Australia and elsewhere. Unfortunately, there is no comprehensive source of path-breaking research on this topic. To fill this gap, we commissioned chapters from leading economists on all aspects of gambling research. Topics covered include the optimal taxation structure for various forms of gambling, factors influencing the demand and supply of gambling services, forecasting of gambling trends, regulation of gambling, the efficiency of racetrack and sports betting markets, gambling prevalence and behavior, modeling the demand for gambling services, the economic impact of gambling, substitution and complementarities among different types of gambling activity, and the relationship between gambling and other sectors of the economy. These are all important issues, with significant global implications. Specifically, we divide the Handbook into sections on casinos, sports betting, horserace betting, betting strategy, motivation, behavior and decision-making in betting markets, prediction markets and political betting, and lotteries and gambling machines

Leighton Vaughan Williams is Head of Economics Research and Director of the Betting Research Unit and Political Forecasting Unit at Nottingham Business School, Nottingham Trent University

Donald S. Siegel is Professor and Dean of the School of Business at the University at Albany, SUNY

Introduction
SECTION I: CASINOS
1. The Employment Impact of Casino Gambling in the U.S., Gary Anders
2. The Economics of Casino Taxation, John E. Anderson
3. The Elasticity of Casino Gambling Mark W. Nichols and Mehmet Serkan Tosun
4. The Economics of Asian Casino Gaming and Gambling Ricardo Chi Sen Siu
5. How Does Implementation of a Smoking Ban Affect Gaming?, John C. Navin, Timothy S. Sullivan, and Warren D. Richards
6. Overview of the Economics and Social Impacts of Gambling in the United States, Douglas M. Walker

SECTION II: SPORTS BETTING
7. The Economics of Online Sports Betting, George Diemer and Ryan M. Rodenberg
8. The Football Pools, David Forrest and Levi Pérez
9. The Efficiency of Soccer Betting Markets, John Goddard
10. The Efficiency of Pelota Betting Markets, Loreto Llorente, Josemari Aizpurua, and Javier Puértolas
11. The Lure of the Pitcher: How the Baseball Betting Market is Influenced by Elite Starting Pitchers, Rodney J. Paul, Andrew P. Weinbach, and Brad R. Humphreys
12. Information Efficiency in High-Frequency Betting Markets, J. James Reade and John Goddard

SECTION III: HORSERACE BETTING
13. On the Long-Run Sustainability of Tote Betting Markets, David Edelman
14. The Economics of Racetrack-Casino (Racino) Gambling, Richard Thalheimer
15. The Modern Racing Landscape and the Racetrack Wagering Market: Components of Demand, Subsidies, and Efficiency, Ramon P. DeGennaro and Ann B. Gillette
16. What Explains the Existence of an Exchange Overround?, David Marginson
17. Insider Trading in Betting Markets, Adi Schnytzer
18. Pricing Decisions and Insider Trading in Fixed-Odds Horse Betting Markets, Adi Schnytzer, Vasiliki Makropoulo, and Martien Lamers

SECTION IV: BETTING STRATEGY
19. Betting on Simultaneous Events and Accumulator Gambles, Andrew Grant
20. A Primer on the Mathematics of Gambling, Robert C. Hannum
21. The Science and Economics of Poker, Robert C. Hannum
22. The Kelly Criterion with Games of Chance, Leonard C. Maclean and William T. Ziemba
23. Exploiting Expert Analysis? Evidence from Event Studies in an Information-Rich Market Environment, Michael A. Smith

SECTION V: MOTIVATION, BEHAVIOR AND DECISION-MAKING IN BETTING MARKETS
24. Betting Motivation and Behavior, Alistair Bruce
25. Motivation in Betting Markets: Speculation, Calculus, or Fun?, Les Coleman
26. Evidence of Biased Decision-Making in Betting Markets, David McDonald, Ming-Chien Sung, and Johnnie Johnson
27. Behavioral Finance and Point-Spread Wagering Markets, Greg Durham

SECTION VI: PREDICTION MARKETS AND POLITICAL BETTING
28. A Simple Automated Market Maker for Prediction Markets, David Johnstone
29. The Long History of Political Betting Markets: An International Perspective, Paul W. Rhode and Koleman Strumpf

SECTION VII: LOTTERIES AND GAMBLING MACHINES
30. The Efficiency of Lottery Markets, David Forrest and O. David Gulley
31. The National Lottery, John Lepper and Stephen Creigh-Tyte
32. The Benefits and Costs of Slot Machine Gambling, Scott Farrow and Chava Carter
33. The Economics of Lotteries: A Survey of the Literature, Kent Grote and Victor A. Matheson
34. The Taxation of Gambling Machines: A Theoretical Perspective, Leighton Vaughan Williams and David Paton