An Empirical Examination of the Parimutuel Sports Lottery Market versus the Bookmaker Market
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Chung, Jaiho | - |
dc.contributor.author | Hwang, Joon Ho | - |
dc.date.accessioned | 2021-09-08T04:19:45Z | - |
dc.date.available | 2021-09-08T04:19:45Z | - |
dc.date.created | 2021-06-11 | - |
dc.date.issued | 2010-04 | - |
dc.identifier.issn | 0038-4038 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/116764 | - |
dc.description.abstract | A sports lottery in Korea presents a unique opportunity for comparing a parimutuel-type sports lottery market against a bookmaker market outside the realm of horse racing. Using two- and three-game soccer final-score betting in the sports lottery market in Korea, which features matches in the English Premier League, we compare winning payoffs in this parimutuel-type sports lottery against corresponding payoffs from an established bookmaker market in the United Kingdom. We find that for outcomes with relatively high payouts (that is, lower-probability events), winning bets placed in the sports lottery market have greater payoffs than corresponding bets placed in the bookmaker-based market. However, the opposite is true for outcomes with relatively low payouts (that is, higher-probability events). Results suggest that participants in the sports lottery market tend to bet more toward high-probability events than the amount implied by the bookmaker's odds. Results also suggest that the favorite-longshot bias is still present in the bookmaker market, even when there is less threat of privately informed bettors than in horse racing. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | WILEY | - |
dc.subject | FAVORITE-LONGSHOT BIAS | - |
dc.subject | EFFICIENCY | - |
dc.subject | ODDS | - |
dc.subject | BEHAVIOR | - |
dc.subject | SPREAD | - |
dc.subject | BELIEVE | - |
dc.subject | PRICES | - |
dc.subject | MODEL | - |
dc.title | An Empirical Examination of the Parimutuel Sports Lottery Market versus the Bookmaker Market | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Chung, Jaiho | - |
dc.contributor.affiliatedAuthor | Hwang, Joon Ho | - |
dc.identifier.doi | 10.4284/sej.2010.76.4.884 | - |
dc.identifier.wosid | 000277188400003 | - |
dc.identifier.bibliographicCitation | SOUTHERN ECONOMIC JOURNAL, v.76, no.4, pp.884 - 905 | - |
dc.relation.isPartOf | SOUTHERN ECONOMIC JOURNAL | - |
dc.citation.title | SOUTHERN ECONOMIC JOURNAL | - |
dc.citation.volume | 76 | - |
dc.citation.number | 4 | - |
dc.citation.startPage | 884 | - |
dc.citation.endPage | 905 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | ahci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | FAVORITE-LONGSHOT BIAS | - |
dc.subject.keywordPlus | EFFICIENCY | - |
dc.subject.keywordPlus | ODDS | - |
dc.subject.keywordPlus | BEHAVIOR | - |
dc.subject.keywordPlus | SPREAD | - |
dc.subject.keywordPlus | BELIEVE | - |
dc.subject.keywordPlus | PRICES | - |
dc.subject.keywordPlus | MODEL | - |
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