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Consumption Benefits and Gambling: Evidence From the NCAA Basketball Betting Market

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Author Info

  • Humphreys, Brad

    () (University of Alberta, Department of Economics)

  • Paul, Rodney

    () (St. Bonaventure University)

  • Weinbach, Andrew

    () (Coastal Carolina University)

Abstract

The determinants of the total number of bets placed on games from three on-line sports books are analyzed for the 2008‐9 NCAA basketball season. Betting volume depends on television coverage, temporal factors, the quality of the teams, and the expected closeness of the contest. Our results support the notion that consumption benefits motivate gambling rather than financial gain. Preferences of bettors appear similar to those of sports fans, suggesting that modeling gamblers as wealth‐maximizing investors may not be appropriate, and supports the predictions of the model of gambling developed by Conlisk (1993).

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Bibliographic Info

Paper provided by University of Alberta, Department of Economics in its series Working Papers with number 2010-7.

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Length: 20 pages
Date of creation: 01 Mar 2010
Date of revision:
Handle: RePEc:ris:albaec:2010_007

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Keywords: gambling; sports betting; bet volume; consumption value;

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References

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  1. Rodney J. Paul & Andrew P. Weinbach, 2007. "Does Sportsbook.com Set Pointspreads to Maximize Profits? Tests of the Levitt Model of Sportsbook Behavior," Journal of Prediction Markets, University of Buckingham Press, vol. 1(3), pages 209-218, December.
  2. Rodney J. Paul & Andrew P. Weinbach, 2008. "Price Setting in the NBA Gambling Market: Tests of the Levitt Model of Sportsbook Behavior," International Journal of Sport Finance, Fitness Information Technology, vol. 3(3), pages 137-145, August.
  3. Paul, Rodney J. & Weinbach, Andrew P., 2007. "The uncertainty of outcome and scoring effects on Nielsen ratings for Monday Night Football," Journal of Economics and Business, Elsevier, vol. 59(3), pages 199-211.
  4. Rodney J. Paul & Andrew P. Weinbach, 2009. "Sportsbook Behavior in the NCAA Football Betting Market: Tests of the Traditional and Levitt Models of Sportsbook Behavior," Journal of Prediction Markets, University of Buckingham Press, vol. 3(2), pages 21-37, August.
  5. Sauer, Raymond D, et al, 1988. "Hold Your Bets: Another Look at the Efficiency of the Gambling Market for National Football League Games: Comment," Journal of Political Economy, University of Chicago Press, vol. 96(1), pages 206-13, February.
  6. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  7. Raymond D. Sauer, 1998. "The Economics of Wagering Markets," Journal of Economic Literature, American Economic Association, vol. 36(4), pages 2021-2064, December.
  8. Lyn D. Pankoff, 1968. "Market Efficiency and Football Betting," The Journal of Business, University of Chicago Press, vol. 41, pages 203.
  9. Men-Andri Benz & Leif Brandes & Egon Franck, 2009. "Do Soccer Associations Really Spend On A Good Thing? Empirical Evidence On Heterogeneity In The Consumer Response To Match Uncertainty Of Outcome," Contemporary Economic Policy, Western Economic Association International, vol. 27(2), pages 216-235, 04.
  10. Rodney Paul & Andrew Weinbach & J. Weinbach, 2003. "Fair bets and profitability in college football gambling," Journal of Economics and Finance, Springer, vol. 27(2), pages 236-242, June.
  11. Conlisk, John, 1993. " The Utility of Gambling," Journal of Risk and Uncertainty, Springer, vol. 6(3), pages 255-75, June.
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