Casinos use Cash (Free Play), Direct Mail and E-Mail Blasts, Buffet coupons, and Hotel Marketing among other offers in order to retain their loyal customers and also to invite new players to join their loyalty club. This study assessed the effectiveness of such promotions in terms of generated gaming revenues. Data from two mid-size casinos are used for this purpose. The method of Bayesian general linear models is used to determine the effects of various promotions on gaming revenue streams. Several promotion types were shown to have a significant impact on gaming revenue streams.
{"title":"Bayesian Assessment of Casino Promotions","authors":"Ashok K. Singh","doi":"10.5750/jgbe.v16i1.2047","DOIUrl":"https://doi.org/10.5750/jgbe.v16i1.2047","url":null,"abstract":"Casinos use Cash (Free Play), Direct Mail and E-Mail Blasts, Buffet coupons, and Hotel Marketing among other offers in order to retain their loyal customers and also to invite new players to join their loyalty club. This study assessed the effectiveness of such promotions in terms of generated gaming revenues. Data from two mid-size casinos are used for this purpose. The method of Bayesian general linear models is used to determine the effects of various promotions on gaming revenue streams. Several promotion types were shown to have a significant impact on gaming revenue streams.","PeriodicalId":109210,"journal":{"name":"The Journal of Gambling Business and Economics","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139342053","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines 3,270 races of the Japanese thoroughbred racetrack betting market. It finds that market efficiency improves with the sales volume and deteriorates with the number of horses on a race and an increase in less-informed bettors.
{"title":"Sales Volume, Noise Traders, and Efficiency of the Japanese Racetrack Betting Market","authors":"Masahiro Ashiya","doi":"10.5750/jgbe.v16i1.2029","DOIUrl":"https://doi.org/10.5750/jgbe.v16i1.2029","url":null,"abstract":"This study examines 3,270 races of the Japanese thoroughbred racetrack betting market. It finds that market efficiency improves with the sales volume and deteriorates with the number of horses on a race and an increase in less-informed bettors.","PeriodicalId":109210,"journal":{"name":"The Journal of Gambling Business and Economics","volume":"55 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139357713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Performance compared to expectations is important in evaluation of Chief Executive Officers, managers, and coaches. In many industries, expectation metrics are difficult to estimate or obtain. In professional sports, however, futures markets exist for season performance. In many sports, such as the NFL, there exists a wagering option on season win totals. A season win total is an over/under bet on the number of wins a team will have in a given season. We utilize this market to calculate actual versus expected performance and include this in a model of coach retention. The issue of treatment discrimination of minority coaches is explored.
{"title":"Betting Market-Based Expectations and NFL Coach Retention and Dismissal","authors":"R. Paul, A. Weinbach, Mark Wilson","doi":"10.5750/jgbe.v16i1.2038","DOIUrl":"https://doi.org/10.5750/jgbe.v16i1.2038","url":null,"abstract":"Performance compared to expectations is important in evaluation of Chief Executive Officers, managers, and coaches. In many industries, expectation metrics are difficult to estimate or obtain. In professional sports, however, futures markets exist for season performance. In many sports, such as the NFL, there exists a wagering option on season win totals. A season win total is an over/under bet on the number of wins a team will have in a given season. We utilize this market to calculate actual versus expected performance and include this in a model of coach retention. The issue of treatment discrimination of minority coaches is explored.","PeriodicalId":109210,"journal":{"name":"The Journal of Gambling Business and Economics","volume":"71 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139357838","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
While the EuroMillions game has been in operation since 2004, there has been limited analysis of its demand and no research on potential power imbalances within the organization and their dependence on jackpot size. This study utilizes EuroMillions sales data at the country level to examine the distribution of market power within the organization and its historical trends. Market concentration is evaluated using the Herfindahl Hirschman index (HHI), and the relationship between the HHI and jackpot size is assessed using sales data at the draw level for all game operators. Findings indicate that power imbalances exist within the EuroMillions organization, partly due to the impact of the jackpot size, which appears to stimulate demand for EuroMillions tickets more in certain countries than in others.
{"title":"Power Imbalances, Market Concentration, and High Jackpots: The Case of EuroMillions","authors":"Álvaro Muñiz","doi":"10.5750/jgbe.v16i1.2103","DOIUrl":"https://doi.org/10.5750/jgbe.v16i1.2103","url":null,"abstract":"While the EuroMillions game has been in operation since 2004, there has been limited analysis of its demand and no research on potential power imbalances within the organization and their dependence on jackpot size. This study utilizes EuroMillions sales data at the country level to examine the distribution of market power within the organization and its historical trends. Market concentration is evaluated using the Herfindahl Hirschman index (HHI), and the relationship between the HHI and jackpot size is assessed using sales data at the draw level for all game operators. Findings indicate that power imbalances exist within the EuroMillions organization, partly due to the impact of the jackpot size, which appears to stimulate demand for EuroMillions tickets more in certain countries than in others.","PeriodicalId":109210,"journal":{"name":"The Journal of Gambling Business and Economics","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139357731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The coronavirus epidemic or Covid-19 started in Wuhan, China in December 2019 and has severely impacted all aspects of life worldwide. It has resulted in 216 million infections and 4.5 million deaths so far globally, and In the present article, the impact of coronavirus on gaming revenue of the state of Nevada will be investigated. Gaming revenue time series data for the period January 1988 – November 2020 was obtained from the Gaming Control Board of Nevada. In addition to the trend and seasonality components, the terrorist attack of September 2011, the recession of 2008, and the coronavirus pandemic are also included in the Machine Learning (ML) prediction models for gaming revenues. The goals of this study are to estimate the effect of the coronavirus pandemic on gaming revenue of the Las Vegas Strip casinos, and to forecast gaming revenue and predict time to recovery. The results of this analysis show that the impact of coronavirus has been drastic, but the economic recovery has been rather fast.
{"title":"Impact of the Coronavirus Pandemic on Las Vegas Strip Gaming Revenue","authors":"Ashutosh Kumar Singh","doi":"10.5750/jgbe.v14i2.1965","DOIUrl":"https://doi.org/10.5750/jgbe.v14i2.1965","url":null,"abstract":"The coronavirus epidemic or Covid-19 started in Wuhan, China in December 2019 and has severely impacted all aspects of life worldwide. It has resulted in 216 million infections and 4.5 million deaths so far globally, and In the present article, the impact of coronavirus on gaming revenue of the state of Nevada will be investigated. Gaming revenue time series data for the period January 1988 – November 2020 was obtained from the Gaming Control Board of Nevada. In addition to the trend and seasonality components, the terrorist attack of September 2011, the recession of 2008, and the coronavirus pandemic are also included in the Machine Learning (ML) prediction models for gaming revenues. The goals of this study are to estimate the effect of the coronavirus pandemic on gaming revenue of the Las Vegas Strip casinos, and to forecast gaming revenue and predict time to recovery. The results of this analysis show that the impact of coronavirus has been drastic, but the economic recovery has been rather fast.","PeriodicalId":109210,"journal":{"name":"The Journal of Gambling Business and Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133781715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
COVID-19 has accelerated change in the casino sector, and it is likely to impact the performance of this industry for years. This study evaluates the potential for casinos to bounce back to pre-pandemic levels by addressing changing perceptions and priorities of their customers. A national survey of US casino customers was conducted to provide insight into what gamblers would like to see and, more importantly, what they expect from casinos when they return. The results offer implications for health and safety mitigation, vaccination protocols, and the preferences of loyal casino customers and “Big Spenders”.
{"title":"The Roaring 2020s: Changing Priorities of Casino Customers","authors":"Jonathan D. Barsky, A. Huynh, Jessica Tucker","doi":"10.5750/jgbe.v14i2.1962","DOIUrl":"https://doi.org/10.5750/jgbe.v14i2.1962","url":null,"abstract":"COVID-19 has accelerated change in the casino sector, and it is likely to impact the performance of this industry for years. This study evaluates the potential for casinos to bounce back to pre-pandemic levels by addressing changing perceptions and priorities of their customers. A national survey of US casino customers was conducted to provide insight into what gamblers would like to see and, more importantly, what they expect from casinos when they return. The results offer implications for health and safety mitigation, vaccination protocols, and the preferences of loyal casino customers and “Big Spenders”. ","PeriodicalId":109210,"journal":{"name":"The Journal of Gambling Business and Economics","volume":"149 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116450933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, we propose a model which simulates odds distributions of pari-mutuel betting system under two hypotheses on the behavior of bettors: 1. The amount of bets increases very rapidly as the deadline for betting comes near. 2. Each bettor bets on a horse which gives the largest expectation value of the benefit. The results can be interpreted as such efficient behaviors do not serve to extinguish the FL bias but even produce stronger FL bias.
{"title":"Efficient Micro-Behaviors in Pari-mutuel Betting System and FL Bias","authors":"Kazutaka Kurihara, Y. Tutiya","doi":"10.5750/jgbe.v14i2.1946","DOIUrl":"https://doi.org/10.5750/jgbe.v14i2.1946","url":null,"abstract":"In this paper, we propose a model which simulates odds distributions of pari-mutuel betting system under two hypotheses on the behavior of bettors: 1. The amount of bets increases very rapidly as the deadline for betting comes near. 2. Each bettor bets on a horse which gives the largest expectation value of the benefit. The results can be interpreted as such efficient behaviors do not serve to extinguish the FL bias but even produce stronger FL bias.","PeriodicalId":109210,"journal":{"name":"The Journal of Gambling Business and Economics","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132122042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Problem gambling treatment is a challenging present-day topic. This paper proposes an empirical model for evaluating the effectiveness of treatment for problem gambling using a sample of problem gamblers treated by a set of Spanish associations dedicated to gambling addiction issues. Data consists of multiple levels of nested groups (individuals and problem gambling recovery centres). A multi-level, mixed-effects logistic regression is used which permits controlling for unobserved heterogeneity across different problem gambling associations. The results seem to indicate that individual aspects such as age, family history, marital status or work situation, but also behavioural factors (previous dropouts, relapses during treatment, or consumption of other substances) are found to affect the effectiveness of treatment for gambling disorders. The analysis of the predictors for treatment efficacy may help treatment techniques to be adapted depending on the characteristics of individual patients and to evaluate programmes designed by treatment centres.
{"title":"A Multilevel Mixed Effects Model to Evaluate Effectiveness of Treatment for Problem Gambling","authors":"L. Pérez, Ana Rodríguez, A. Shmarev","doi":"10.5750/jgbe.v14i2.1943","DOIUrl":"https://doi.org/10.5750/jgbe.v14i2.1943","url":null,"abstract":"Problem gambling treatment is a challenging present-day topic. This paper proposes an empirical model for evaluating the effectiveness of treatment for problem gambling using a sample of problem gamblers treated by a set of Spanish associations dedicated to gambling addiction issues. Data consists of multiple levels of nested groups (individuals and problem gambling recovery centres). A multi-level, mixed-effects logistic regression is used which permits controlling for unobserved heterogeneity across different problem gambling associations. The results seem to indicate that individual aspects such as age, family history, marital status or work situation, but also behavioural factors (previous dropouts, relapses during treatment, or consumption of other substances) are found to affect the effectiveness of treatment for gambling disorders. The analysis of the predictors for treatment efficacy may help treatment techniques to be adapted depending on the characteristics of individual patients and to evaluate programmes designed by treatment centres.","PeriodicalId":109210,"journal":{"name":"The Journal of Gambling Business and Economics","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117341789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, the author analyses the main inefficiencies of the Italian Serie-A betting market: in particular, using previous findings on the favourite-long shot bias, the team scoring home advantage and the league winner scoring advantage, a strategy aimed to outperform the market will be presented. By testing the betting scheme over the past 19 seasons, it was possible to obtain an average return per bet of 9.31%, with 16 of the 19 years resulting in positive financial returns. In order to verify the computations, different betting odds databases were used. The results obtained are particularly significant for two reasons: firstly all computations were performed on market average coefficients, leaving on the table an additional 3-4% of profit, which could be obtained by using best coefficients among bookmakers and secondly compared to market benchmarks and other betting strategies, the net profit is considerably higher. In particular other three strategies were used as a benchmark: the first one uses the favourite-long shot bias, the second one the Home factor and the third one the league favourite team advantage. All these betting schemes performed more poorly, with the second best strategy scoring on average 6% worse. After analysing possible future improvements, in the final section the author describes how the findings of this paper may be applied to other betting markets, such as different football leagues, basketball, hockey and tennis.
{"title":"An Effective Approach for Exploiting the Inefficiencies of the Italian Football Betting Market","authors":"Davide Alesina","doi":"10.5750/jgbe.v14i1.1857","DOIUrl":"https://doi.org/10.5750/jgbe.v14i1.1857","url":null,"abstract":"In this paper, the author analyses the main inefficiencies of the Italian Serie-A betting market: in particular, using previous findings on the favourite-long shot bias, the team scoring home advantage and the league winner scoring advantage, a strategy aimed to outperform the market will be presented. By testing the betting scheme over the past 19 seasons, it was possible to obtain an average return per bet of 9.31%, with 16 of the 19 years resulting in positive financial returns. In order to verify the computations, different betting odds databases were used. The results obtained are particularly significant for two reasons: firstly all computations were performed on market average coefficients, leaving on the table an additional 3-4% of profit, which could be obtained by using best coefficients among bookmakers and secondly compared to market benchmarks and other betting strategies, the net profit is considerably higher. In particular other three strategies were used as a benchmark: the first one uses the favourite-long shot bias, the second one the Home factor and the third one the league favourite team advantage. All these betting schemes performed more poorly, with the second best strategy scoring on average 6% worse. After analysing possible future improvements, in the final section the author describes how the findings of this paper may be applied to other betting markets, such as different football leagues, basketball, hockey and tennis.","PeriodicalId":109210,"journal":{"name":"The Journal of Gambling Business and Economics","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116973213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This work compares existing and emerging risks of the banking and iGaming industries. Moreover, whilst a solvency framework is established in the banking industry, this study researches the potential implementation of a solvency regime in the iGaming industry. Our literature review is complemented with semi-structured interviews held with 23 stakeholders working in risk management in Malta. The common risks identified were compliance with regulations, money laundering, liquidity and solvency risks. The banking industry highlighted credit, market and jurisdiction risks as specific risks faced by their industry – the latter being potential worry specific to the Maltese jurisdiction. iGaming experts highlighted financial, responsible gaming and market changes as specific risks for their industry. A formalised solvency framework would be beneficial to the iGaming industry by further enhancing its reputation. Finally, we find that more focus should be given to risk management in banks and iGaming operators to improve the relationship between both industries.
{"title":"iGaming versus Banking","authors":"Dominic Cortis, Luke Spiteri","doi":"10.5750/jgbe.v14i1.1938","DOIUrl":"https://doi.org/10.5750/jgbe.v14i1.1938","url":null,"abstract":"This work compares existing and emerging risks of the banking and iGaming industries. Moreover, whilst a solvency framework is established in the banking industry, this study researches the potential implementation of a solvency regime in the iGaming industry. \u0000Our literature review is complemented with semi-structured interviews held with 23 stakeholders working in risk management in Malta. \u0000The common risks identified were compliance with regulations, money laundering, liquidity and solvency risks. The banking industry highlighted credit, market and jurisdiction risks as specific risks faced by their industry – the latter being potential worry specific to the Maltese jurisdiction. iGaming experts highlighted financial, responsible gaming and market changes as specific risks for their industry. A formalised solvency framework would be beneficial to the iGaming industry by further enhancing its reputation. Finally, we find that more focus should be given to risk management in banks and iGaming operators to improve the relationship between both industries.","PeriodicalId":109210,"journal":{"name":"The Journal of Gambling Business and Economics","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124323719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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