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Football pools and lotteries: substitute roads to riches?

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  • D. Forrest
  • L. Perez

Abstract

Football pools offer an older alternative to lotto games for gamblers seeking high prizes with low stakes. The article models football pools demand in Spain over nearly 40 years. The introduction of lotto games to the market led to substantial cannibalization of the pools but, subsequently, there is no evidence that the products were substitutes when the relative value for money fluctuated. Entry fee is shown to be a determinant of demand independent of the expected loss per euro, implying that long-odds games should not be analysed as if buyers were acquiring a purely financial asset.

Suggested Citation

  • D. Forrest & L. Perez, 2011. "Football pools and lotteries: substitute roads to riches?," Applied Economics Letters, Taylor & Francis Journals, vol. 18(13), pages 1253-1257.
  • Handle: RePEc:taf:apeclt:v:18:y:2011:i:13:p:1253-1257
    DOI: 10.1080/13504851.2010.532100
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    References listed on IDEAS

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    1. Francesc Pujol, 2009. "Football Betting As A Cyclical Learning Process," Faculty Working Papers 05/09, School of Economics and Business Administration, University of Navarra.
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    Cited by:

    1. J. James Reade & Carl Singleton & Alasdair Brown, 2021. "Evaluating strange forecasts: The curious case of football match scorelines," Scottish Journal of Political Economy, Scottish Economic Society, vol. 68(2), pages 261-285, May.
    2. Brad R. Humphreys, 2021. "Legalized Sports Betting, VLT Gambling, and State Gambling Revenues: Evidence from West Virginia," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 47(1), pages 9-28, January.
    3. David Forrest, 2014. "Football and betting," Chapters, in: John Goddard & Peter Sloane (ed.), Handbook on the Economics of Professional Football, chapter 23, pages 383-400, Edward Elgar Publishing.

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    1. David Forrest, 2014. "Football and betting," Chapters, in: John Goddard & Peter Sloane (ed.), Handbook on the Economics of Professional Football, chapter 23, pages 383-400, Edward Elgar Publishing.

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