Edited by Leighton Vaughan Williams, Professor of Economics and Finance and Director, Betting Research Unit, Nottingham Business School, Nottingham Trent University, UK

• Contents:AcknowledgementsIntroduction Leighton Vaughan Williams PART I THE ECONOMICS OF RACETRACK BETTING 1. R.M. Griffith (1949), ‘Odds Adjustments by American Horse-Race Bettors’2. Wayne W. Snyder (1978), ‘Horse Racing: Testing the Efficient Markets Model’3. Richard H. Thaler and William T. Ziemba (1988), ‘Anomalies. Parimutuel Betting Markets: Racetracks and Lotteries’4. Jack Dowie (1976), ‘On the Efficiency and Equity of Betting Markets’5. Richard E. Quandt (1986), ‘Betting and Equilibrium’6. Joe Golec and Maurry Tamarkin (1998), ‘Bettors Love Skewness, Not Risk, at the Horse Track’7. William Hurley and Lawrence McDonough (1995), ‘A Note on the Hayek Hypothesis and the Favourite-Longshot Bias in Parimutuel Betting’8. Michael A. Smith, David Paton and Leighton Vaughan Williams (2006), ‘Market Efficiency in Person-to-Person Betting’9. Hyun Song Shin (1991), ‘Optimal Betting Odds against Insider Traders’10. Leighton Vaughan Williams and David Paton (1997), ‘Why is There a Favourite-Longshot Bias in British Racetrack Betting Markets?’11. N.F.R. Crafts (1985), ‘Some Evidence of Insider Knowledge in Horse Race Betting in Britain’12. Leighton Vaughan Williams (1999), ‘Information Efficiency in Betting Markets: A Survey’13. M. Sung and J.E.V. Johnson (2010), ‘Revealing Weak-Form Inefficiency in a Market for State Contingent Claims: The Importance of Market Ecology, Modelling Procedures and Investment Strategies’14. Ruth N. Bolton and Randall G. Chapman (1986), ‘Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races’15. Kelly Busche and Christopher D. Hall (1988), ‘An Exception to the Risk Preference Anomaly’PART II THE ECONOMICS OF SPORTS BETTING 16. Michael Cain, David Law and David Peel (2000), ‘The Favourite-Longshot Bias and Market Efficiency in UK Football Betting’17. David Paton and Leighton Vaughan Williams (2005), ‘Forecasting Outcomes in Spread Betting Markets: Can Bettors Use “Quarbs” to Beat the Book?’18. Colin F. Camerer (1989), ‘Does the Basketball Market Believe in the “Hot Hand”?’19. William O. Brown and Raymond D. Sauer (1993), ‘Does the Basketball Market Believe in the “Hot Hand”? Comment’20. Steven D. Levitt (2004), ‘Why are Gambling Markets Organised so Differently from Financial Markets?’PART III THE ECONOMICS OF GAMING AND CASINO GAMBLING21. William R. Eadington (1999), ‘The Economics of Casino Gambling’ 22. Daniel B. Suits (1979), ‘The Elasticity of Demand for Gambling’23. John E. Anderson (2005), ‘Casino Taxation in the United States’24. David Paton, Donald S. Siegel and Leighton Vaughan Williams (2002), ‘A Policy Response to the E-Commerce Revolution: The Case of Betting Taxation in the UK’25. David Paton, Donald S. Siegel and Leighton Vaughan Williams (2004), ‘Taxation and the Demand for Gambling: New Evidence from the United Kingdom’26. Ricardo Gazel (1998), ‘The Economic Impacts of Casino Gambling at the State and Local Levels’27. Donald Siegel and Gary Anders (2001), ‘The Impact of Indian Casinos on State Lotteries: A Case Study of Arizona’28. Donald S. Elliott and John C. Navin (2002), ‘Has Riverboat Gambling Reduced State Lottery Revenue’29. Douglas M. Walker and John D. Jackson (2008), ‘Do U.S. Gambling Industries Cannibalize Each Other?’30. Chad Cotti (2008), ‘The Effect of Casinos on Local Labor Markets: A Country Level Analysis’31. Patricia B. Reagan and Robert J. Gitter (2007), ‘Is Gaming the Optimal Strategy? The Impact of Gaming Facilities on the Income and Employment of American Indians’PART IV THE ECONOMICS OF NATIONAL AND STATE LOTTERIES32. Dek Terrell (1994), ‘A Test of the Gambler’s Fallacy: Evidence from Pari-mutuel Games’33. Charles T. Clotfelter and Philip J. Cook (1991), ‘Lotteries in the Real World’ 34. Charles T. Clotfelter and Philip J. Cook (1993), ‘Notes: The “Gambler’s Fallacy” in Lottery Play’35. Jonathan Guryan and Melissa S. Kearney (2008), ‘Gambling at Lucky Stores: Empirical Evidence from State Lottery Sales’36. Thomas A. Garrett and Russell S. Sobel (1999), ‘Gamblers Favor Skewness, Not Risk: Further Evidence from United States’ Lottery Games’ 37. David Forrest, Robert Simmons and Neil Chesters (2002), ‘Buying a Dream: Alternative Models of Demand for Lotto’38. Richard Thalheimer and Mukhtar M. Ali (1995), ‘The Demand for Pari-mutuel Horse Race Wagering and Attendance’39. Melissa Schettini Kearney (2005), ‘State Lotteries and Consumer Behavior’40. Kent R. Grote and Victor A. Matheson (2006), ‘Dueling Jackpots: Are Competing Lotto Games Complements or Substitutes?’

Edited by Leighton Vaughan Williams, Professor of Economics and Finance and Director, Betting Research Unit, Nottingham Business School, Nottingham Trent University, UK

• Contents:AcknowledgementsIntroduction Leighton Vaughan Williams PART I THE ECONOMICS OF RACETRACK BETTING 1. R.M. Griffith (1949), ‘Odds Adjustments by American Horse-Race Bettors’2. Wayne W. Snyder (1978), ‘Horse Racing: Testing the Efficient Markets Model’3. Richard H. Thaler and William T. Ziemba (1988), ‘Anomalies. Parimutuel Betting Markets: Racetracks and Lotteries’4. Jack Dowie (1976), ‘On the Efficiency and Equity of Betting Markets’5. Richard E. Quandt (1986), ‘Betting and Equilibrium’6. Joe Golec and Maurry Tamarkin (1998), ‘Bettors Love Skewness, Not Risk, at the Horse Track’7. William Hurley and Lawrence McDonough (1995), ‘A Note on the Hayek Hypothesis and the Favourite-Longshot Bias in Parimutuel Betting’8. Michael A. Smith, David Paton and Leighton Vaughan Williams (2006), ‘Market Efficiency in Person-to-Person Betting’9. Hyun Song Shin (1991), ‘Optimal Betting Odds against Insider Traders’10. Leighton Vaughan Williams and David Paton (1997), ‘Why is There a Favourite-Longshot Bias in British Racetrack Betting Markets?’11. N.F.R. Crafts (1985), ‘Some Evidence of Insider Knowledge in Horse Race Betting in Britain’12. Leighton Vaughan Williams (1999), ‘Information Efficiency in Betting Markets: A Survey’13. M. Sung and J.E.V. Johnson (2010), ‘Revealing Weak-Form Inefficiency in a Market for State Contingent Claims: The Importance of Market Ecology, Modelling Procedures and Investment Strategies’14. Ruth N. Bolton and Randall G. Chapman (1986), ‘Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races’15. Kelly Busche and Christopher D. Hall (1988), ‘An Exception to the Risk Preference Anomaly’PART II THE ECONOMICS OF SPORTS BETTING 16. Michael Cain, David Law and David Peel (2000), ‘The Favourite-Longshot Bias and Market Efficiency in UK Football Betting’17. David Paton and Leighton Vaughan Williams (2005), ‘Forecasting Outcomes in Spread Betting Markets: Can Bettors Use “Quarbs” to Beat the Book?’18. Colin F. Camerer (1989), ‘Does the Basketball Market Believe in the “Hot Hand”?’19. William O. Brown and Raymond D. Sauer (1993), ‘Does the Basketball Market Believe in the “Hot Hand”? Comment’20. Steven D. Levitt (2004), ‘Why are Gambling Markets Organised so Differently from Financial Markets?’PART III THE ECONOMICS OF GAMING AND CASINO GAMBLING21. William R. Eadington (1999), ‘The Economics of Casino Gambling’ 22. Daniel B. Suits (1979), ‘The Elasticity of Demand for Gambling’23. John E. Anderson (2005), ‘Casino Taxation in the United States’24. David Paton, Donald S. Siegel and Leighton Vaughan Williams (2002), ‘A Policy Response to the E-Commerce Revolution: The Case of Betting Taxation in the UK’25. David Paton, Donald S. Siegel and Leighton Vaughan Williams (2004), ‘Taxation and the Demand for Gambling: New Evidence from the United Kingdom’26. Ricardo Gazel (1998), ‘The Economic Impacts of Casino Gambling at the State and Local Levels’27. Donald Siegel and Gary Anders (2001), ‘The Impact of Indian Casinos on State Lotteries: A Case Study of Arizona’28. Donald S. Elliott and John C. Navin (2002), ‘Has Riverboat Gambling Reduced State Lottery Revenue’29. Douglas M. Walker and John D. Jackson (2008), ‘Do U.S. Gambling Industries Cannibalize Each Other?’30. Chad Cotti (2008), ‘The Effect of Casinos on Local Labor Markets: A Country Level Analysis’31. Patricia B. Reagan and Robert J. Gitter (2007), ‘Is Gaming the Optimal Strategy? The Impact of Gaming Facilities on the Income and Employment of American Indians’PART IV THE ECONOMICS OF NATIONAL AND STATE LOTTERIES32. Dek Terrell (1994), ‘A Test of the Gambler’s Fallacy: Evidence from Pari-mutuel Games’33. Charles T. Clotfelter and Philip J. Cook (1991), ‘Lotteries in the Real World’ 34. Charles T. Clotfelter and Philip J. Cook (1993), ‘Notes: The “Gambler’s Fallacy” in Lottery Play’35. Jonathan Guryan and Melissa S. Kearney (2008), ‘Gambling at Lucky Stores: Empirical Evidence from State Lottery Sales’36. Thomas A. Garrett and Russell S. Sobel (1999), ‘Gamblers Favor Skewness, Not Risk: Further Evidence from United States’ Lottery Games’ 37. David Forrest, Robert Simmons and Neil Chesters (2002), ‘Buying a Dream: Alternative Models of Demand for Lotto’38. Richard Thalheimer and Mukhtar M. Ali (1995), ‘The Demand for Pari-mutuel Horse Race Wagering and Attendance’39. Melissa Schettini Kearney (2005), ‘State Lotteries and Consumer Behavior’40. Kent R. Grote and Victor A. Matheson (2006), ‘Dueling Jackpots: Are Competing Lotto Games Complements or Substitutes?’