Handbook of Sports and Lottery Markets

Handbook of Sports and Lottery Markets, 1st Edition

Handbook of Sports and Lottery Markets, 1st Edition,Donald Hausch,W.T. Ziemba,ISBN9780444507440

Hausch   &   Ziemba   

North Holland




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Presents basic research and pure theory about betting markets

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Key Features

* Easily studied sports markets reveal features relevant for more complex traditional financial markets
* Significant coverage of sports from racing to jai alai
* New studies of betting exchanges and Internet wagering markets


Its basic empirical research and investigation of pure theories of investment in the sports and lottery markets make this volume a winner. These markets are simpler to study than traditional financial markets, and their expected values and outcomes are uncomplicated. By means of new overviews of scholarship on the industry side of racetrack and other betting markets to betting exchanges and market efficiencies, contributors consider a variety of sports in countries around the world. The result is not only superior information about market forecasting, but macro- and micro-analyses that are relevant to other markets.


Primary: university, research, and major public libraries with finance and economics holdings.
Secondary: academics in finance and economics

Donald Hausch

Affiliations and Expertise

University of Wisconsin, Madison, USA

W.T. Ziemba

Affiliations and Expertise

University of British Columbia, Vancouver, Canada

Handbook of Sports and Lottery Markets, 1st Edition

1. Pari-mutuel Horse Race Wagering - Competition from Within and Outside the Industry
Mukhtar Ali, University of Kentucky and Richard Thalheimer, University of Louisville

2. Utility and preference estimation
Bruno Jullien, Universite de Toulouse and Bernard Salanie, Centre de Recherche en Economie et Statistique

3. Comparing Efficiency of the Over/Under Bets on NFL and NBA Games
Joseph Golec and Murray Tamarkin, Clark University

4. Approximating the ordering probabilities of multi-entry competitions by a simple method
Victor Lo, Fidelity Investments, Boston and John Bacon-Shone, Social Sciences Research Centre. University of Hong Kong

5. The Favorite Longshot Bias: An Overview of the Main Explanations
Marco Ottaviani, London Business School and Peter Norman Sorensen, University of Copenhagen

6. Examining explanations of a market anomaly: preferences or perceptions?
Erik Snowberg, Stanford University and Justin Wolfers, University of Pennsylvania

7. Unifying the Favorite-Longshot Bias with Other Market Anomalies
Russell S. Sobel and Matt E. Ryan, Department of Economics, West Virginia University

8. The Favorite-Longshot Bias in S&P 500 and FTSE 100 Index Futures Options: The Return to Bets and the Cost of Insurance
Robert G. Tompkins, Hochschule fur Bankwirtschaft, Germany, William T. Ziemba, UBC, and Stewart D. Hodges, Univesity of Warwick

9. Efficiency of racetrack betting markets
Donald B. Hausch, University of Wisconsin and William T. Ziemba, UBC

10. Modeling Distance Preference and Pace Character in Thoroughbred Turf Racing
David Edelman, University College, Dublin

11. Pointspread and Odds Betting in Baseball, Basketball and American Football
Hal S. Stern, University of California, Irvine

12. Arbitrage and risk arbitrage in Team Jai Alai
Daniel Lane, University of Ottawa and William T. Ziemba, UBC

13. Semi-strong form efficiency in the horserace betting market
Johnnie Johnson and Ming-Chien Sung, University of Southhampton

14. The dosage breeding theory for horseracing predictions
Marshall Gramm, Rhodes College and William T. Ziemba, UBC

15. Efficiency in Horse Race Betting Markets: The Role of Professional Tipsters
Olivier Gergaud, University of Reims and Bruno Deschamps, University of Bath

16. Hong Kong markets TBA
John Bacon-Shone et al, Hong Kong University

17. Index betting for sports and stock indices
John Haigh, University of Sussex and
Leighton Vaughan Williams, The Nottingham Trent University

18. Prediction Markets: From Politics to Business (and Back)
Erik Snowberg, Stanford University, Justin Wolfers, University of Pennsylvania and E. Zitzewitz, Dartmouth College

19. Betting exchanges: a technological revolution in sports betting
Michael A. Smith, Canterbury Christ Church University
Leighton Vaughan Williams, Nottingham Business School, Nottingham Trent University

20. British soccer betting in Britain
David Forrest, University of Salford

21. Efficiency of soccer betting odds - evidence from a
pan-European electronic market
Stephen Kossmeier and Simon Weinberger, Institute for Advanced Studies, Vienna, Austria

22. Economics of lottery markets
Ian Walker, University of Warwick

23. The statistics of lotteries
John Haigh, University of Sussex

24. US lotto markets
Victor Matheson, Holy Cross College and K. Grote, Lake Forest College

Quotes and reviews

"This timely and valuable volume showcases the frontier research in prediction markets by the very best researchers in the field. Issues of information aggregation and how the institutional backdrop influence such aggregation are age-old questions in Economics and Finance. The papers in this volume survey the current frontier, show how betting markets allow questions to be posed more sharply, and so yield more robust conclusions than is possible in more complex financial markets. The insights gained have many potentially fruitful applications in the design of institutions that promote information efficiency and for public policy more generally."
--Hyun Song Shin, Princeton University

"Hausch and Ziemba have produced a superb volume replete with papers from leading scholars in the economics of sports wagering and lotteries."
--Raymond Sauer, Clemson University

“The editors of this book have assembled a set of world-renowned scholars to produce an accessible and authoritative review of the behavior of sports betting and lottery markets. The volume is essential reading for students and practitioners involved in betting markets.”
--Rob Simmons, Lancaster University

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