In addition to examining the effect of own-breed, out-of-state competition on New Jersey pari-mutuel wagering, Ali and Thalheimer also estimated the effect of cross-breed competition from both in-state and out-of-state racetrack locations. A decrease in VC to thoroughbred racetracks, both inside and outside of New Jersey, was found to reduce New Jersey harness handle.
Had there been no competition from in-state and out-of-state thoroughbred racetracks, the New Jersey harness handle would have been New Jersey thoroughbred wagering was not found to be significantly impacted by competition from harness racetracks located inside and outside of New Jersey.
There are several forms of simulcast wagering products available to pari-mutuel wagering customers. One of these is intrastate intertrack wagering ITW , the simulcasting of the live race product offered by a racetrack, simultaneously, to other racetrack locations within the state in which that racetrack is located. The expected increase in total live plus ITW wagering can be attributed to the reduction in the cost of attending the races due to the increase in availability of the product to customers in the market area.
On the other hand, on-track wagering at the location in which the live races are being offered may decrease since the locations at which the simulcasts of the live races are received are essentially competitors of the live race site. The degree of competition with the on-track live races is expected to increase as the travel distance to alternative wagering sites to bet on those races is decreased.
In Thalheimer and Ali b , the presence of ITW was measured as the weighted average traveling distance to the nearest wagering site including the racetrack conducting the live races. The weights used to compute the weighted average distance are the income for each of the eight major population centers from which a racetrack customer must travel to attend and bet on the races, divided by total income of all the population centers.
As the number of ITW racetrack sites is increased, the weighted average traveling distance is decreased. The demands for wagering were estimated for four thoroughbred and two harness racetracks in Kentucky.
On the other hand, as expected, total live plus ITW wagering at all six racetracks was found to increase. The introduction of ITW may also create new cross-breed competition for existing racetracks. For example, thoroughbred harness racetracks may face increased competition from cross-breed harness thoroughbred ITW wagering sites.
In Kentucky, where the demand for the harness racing product is not as strong as for the thoroughbred racing product, the cross-breed competition from ITW harness racing on thoroughbred wagering was not found to be significant. Coate and Ross estimated the effect of the introduction of off-track betting in New York City in on live pari-mutuel thoroughbred and harness horse wagering there.
Off-track betting was found to have a significant and negative effect on both thoroughbred and harness horse wagering. Yet another form of simulcast wagering is referred to as full-card whole-card simulcasting. A customer at an in-state wagering location is able to wager on entire live race programs from one or more out-of-state racetracks that simulcast those races to the in-state location.
In a recent study Ali and Thalheimer, , the wagering demands of a number of racetracks whose simulcast races were imported at a single racetrack location and offered to patrons there, along with live racing conducted at the racetrack, was estimated. The subject of the analysis was Garden State Park, a New Jersey racetrack that offered wagering on its own live thoroughbred and harness horse racing, and on simulcast racing from both in-state and out-of-state locations. The study period covered each day that live, simulcast, or a combination of live and simulcast racing was offered in Over this period, there were 49 racetracks whose simulcast programs were taken by Garden State Park at various times over the year.
In addition, Garden State Park offered its own live thoroughbred and harness horse race meetings. In total, 51 racetrack products were offered, 49 of which were simulcasts of live race products from other locations to Garden State Park and two of which were live race products conducted at Garden State Park.
To overcome data and statistical limitations, the 51 racetracks were aggregated by geographical location into eight thoroughbred, simulcast racetrack groups, five simulcast harness racetrack groups, one live thoroughbred group, and one live harness group, for a total of 15 racetrack groups.
The wagering demand for each racetrack group was specified as a function of its own number of races, takeout rate, average purse per race, and average field size per race. In addition, this demand was taken as a function of the number of races offered, takeout rate, average purse per race, and average field size per race for the racetrack groups with which it competed on a given day.
A number of other product specific characteristic variables for different racetrack groups were also included. The number of races offered by competing racetrack groups was found to have a significant and negative effect on wagering for nine of the 15 racetrack groups. Field size associated with competing racetrack groups was found to have a significant and negative effect on wagering for six of the 15 racetrack groups. The median field size cross-elasticity for those racetrack groups where field size was found to be significant was —1.
While average purse per race of competing racetracks was found to have a significant and negative impact on wagering, this was true for only three of the 15 racetrack groups. Thus, wagering demand for a particular racetrack group is not much affected by average purse per race of competing racetrack groups on a given day. The takeout rate associated with competing racetrack groups was also found to have a significant positive effect on wagering for five of the 15 racetrack groups, indicating that the competing racetrack groups were substitutes for a particular racetrack group whose demand was being determined.
The median takeout rate cross-elasticity for those racetrack groups where takeout rate was found to be significant was 1. The presence of live thoroughbred or harness racing at Garden State Park among the competing racetrack groups was found to have a statistically significant effect for only three of the racetrack groups. In those instances where the presence of live racing was found to be significant, it was a substitute for same-breed and a complement for cross-breed racetrack groups.
The fact that offering thoroughbred harness live races on a given day results in higher wagering on harness thoroughbred simulcast racing can possibly be explained by increased attendance of New Jersey harness thoroughbred horsemen on those days. These horsemen are familiar with all New Jersey harness and thoroughbred racing and may bet both breeds when attracted to the betting site on days when there is betting offered on their own-breed New Jersey live race product.
Competition from casino gaming offered at locations outside pari-mutuel horse racing sites was found to have a significant and negative impact on pari-mutuel horse race wagering. Such devices are installed at the facility to broaden its product line. Offering simulcast races from other racetracks was also found to have a positive effect on VLT handle.
The impact of state lottery gaming on pari-mutuel horse race wagering was estimated for several individual state lotteries Kentucky, Ohio, and New Jersey as well as for the lotteries in the U. With respect to non-gaming competition, a professional sporting event, held on the same day that wagering is conducted at a pari-mutuel racetrack, was found to have a significant and negative impact on wagering at that racetrack.
Within-industry competition between racetracks conducting live race meets was found to result in significant reductions in wagering in many cases. With respect to simulcast wagering, in several cases the introduction of intrastate intertrack simulcast wagering was found to result in reduced on-track wagering at the site conducting the live races while simulcasting those races to other racetrack sites in the state.
On the other hand, total pari-mutuel handle live plus simulcast for the racetrack was estimated to increase in every case. Where more than one breed of racehorse conducts racing in a state e. That is, wagering on thoroughbred races will face competition from ITW sites taking harness racing and vice versa.
This ITW cross-breed competition may result in reduced wagering at existing wagering locations for the other breed. Competition from wagering on simulcasts at off-track betting locations was found to result in reduced wagering at racetracks in the same market area.
Ali MM, Thalheimer R. Applied Economics. Christiansen EM, Sinclair S. Report available from Christiansen Capital Advisors at www. Incomplete Regulation and the Supply of Horse Racing. Southern Economic Journal. Coate D, Ross G. National Tax Journal. A Note on the Elasticity of Demand for Wagering. Simmons S, Sharp R. Journal of Policy Analysis and Management. Thalheimer R. Thalheimer R, Ali MM. Journal of Economics and Business. Vasche JD. Adjustment to real dollars using the consumer price index CPI obtained from the U.
Department of Labor, Bureau of Labor Statistics. Since Kentucky did not have casino gaming, the results of this model are not discussed further. The magnitude of the impacts reported here was computed from information provided in the paper. This chapter examines factors that affect the total money bet on races in Hong Kong and also how that money is distributed between different pools. The conclusion is that quite different processes are at work, but good predictive models are feasible, enabling the detection of the impact of relatively small changes in the betting tax, particularly on how the money is distributed across pools and also enabling us to detect what attracts gamblers to bet more or shift money across pools.
Horse races in Hong Kong provide a rich source of data given the large amount of money bet and the evidence that the favorite-longshot bias found elsewhere is not found there Busche and Hall, ; Lo et al. We examine a total of 5, races from the beginning of the season until the middle of the season, during which billion HK dollars were bet about U. Thalheimer and Ali , a, b, , have examined a number of predictors of money bet on races across tracks and years. Their analysis provides insight into competitive elements at the track level, but it is a crude analysis in that it does not enable us to understand factors that affect money bet within years, let alone within meetings.
Ray examined the predictors of money bet on individual races across a one-month period at a single track. In that analysis, the short time period and single track limits the generalizability of the results, while this study examines more than seven seasons at two tracks with large betting volume. The log transform ensures a symmetric distribution. This variable provides the broadest measure of demand for gambling on horse races in Hong Kong, excluding only illegal bookmakers.
The log ratio follows the standard approach for compositional data analysis of Aitchison , to avoid the constraints imposed by proportions, which distort standard statistical analysis. This variable should provide the most sensitive assessment of the impact of the rebate, but also provides a good summary of the demand for standard versus exotic bets.
The full list of 31 independent variables covering economic, race, weather, pool availability, and money distribution appears in Appendix A. Decreasing seasonal trend, decreasing class trend, increasing race number trend, increasing number of horses trend, preference for middle distance races, decreasing day of week trend, increasing start time trend, increasing trend by month within season, decreasing surface trend, decreasing rain trend, increasing unemployment trend, and increasing atmospheric pressure trend are all stronger marginal predictors of amount bet than the introduction in bet rebates, although the rebate impact is still strongly significant.
All of these variables have an impact in the expected direction, with the exception of unemployment, although the presence of a seasonal trend in the opposite direction suggests caution in interpretation of this. Open navigation menu. Close suggestions Search Search. Skip carousel. Carousel Previous. Carousel Next. What is Scribd? Find your next favorite book Become a member today and read free for 30 days Start your free 30 days.
Create a List. Download to App. Ratings: Rating: 1. Length: 1, pages 17 hours. Description 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. The Demand for Casino Gaming. Start your free trial. Page 1 of 1. Reviews Reviews. What people think about Handbook of Sports and Lottery Markets 1. What did you think? Rating: out of 5 stars. Write a review optional. Like King Canute, Scott Morrison is trying to push back on the inevitability of the rest of the world setting a zero emissions target.
Telstra shareholders have been sent a remarkably bullish message by CEO Andrew Penn despite the ongoing attrition in revenue and profit. Whether we are using a term too loosely prompts a discussion about how word application changes. Poisoning the Hawkesbury, even a child can bomb Baghdad, and Letters to the Editor. The Republicans face a truly awful choice. Acquit Trump and they license a seditious brand of politics; convict and they rent themselves asunder.
A former ClubsNSW manager who attempted to prevent money-laundering through poker machines writes that the industry did not want him to succeed. Huge amounts of taxpayer money are being spent in a secretive process that gives ministers total power over every grant without any checks on their decisions. It makes sense. Had this company not blown up so much capital over the past few years, its mounting pile of conduct and cultural mistakes could almost be comical.
These girls are tough. The Morrison government has told digital platforms to develop a voluntary code of practice to counter misinformation and conspiracy theories, but there is no easy fix. There is not even a universal definition of fake news.
Try sneezing in public now. SPACs are the hottest thing in finance at the moment: Investors are giving publicly traded shell companies a blank cheque to go buy a business, sight unseen - and the cheques are getting bigger and bigger. Building a casino empire was always a high-stakes game for billionaire James Packer. Now, a city awaits his next move.
All sense of urgency to ensure the safety of future generations and biodiversity on this planet is being completely ignored and used as a political plaything. Mothers are less likely to be depressed. Bust banished, Bridge big business, and rain makes Queen happy. But what does it mean for the coach? The National Party wants to exclude agriculture from any commitment to net-zero emissions, even while farmers want to seize the opportunities that come with the target.
Workers are being given two big promises about the way a Labor government could lift their wages, along with a very big scare about what it could cost. Australia have realised if they do not get their house in order then England will surprise them later this year. It is certainly not going to be or Security guards can get a hard rap. A man who rarely took a backward step finally had to concede that to allow his club to move forward, it was time for him to bow out.
It was the right call. The Victorian regulator, the Victorian Commission for Gambling and Liquor Regulation, must be the subject of intense and forensic scrutiny. Wuhan probe done, the science has become part of a much larger geopolitical minefield. For far too long gambling industry players have been given a free pass to operate as they please in Australia, with minimal oversight from the governments which license them.
The Commonwealth bank result shows the impact of the pandemic on banks and the wider economy could have been a lot worse. The Sydney Morning Herald. Analysis Climate policy. Editorial Human rights. Opinion Judith Neilson. Analysis Please Explain podcast. Opinion Review. Opinion NRL
|Vitesse vs twente betting expert boxing||As the vanstone secrets betting websites of ITW racetrack sites is increased, the weighted average traveling distance is decreased. The data were annual over the period of — Monmouth Park had higher purses and thus a higher quality of racing over the estimation period. In Thalheimer and Ali athe two New Jersey thoroughbred racetracks whose demands were estimated, Atlantic City Race Course and Monmouth Park Racetrack, had overlapping dates and as a result were competitors with each other for that period. The full list of 31 independent variables covering economic, race, weather, pool availability, and money distribution appears in Appendix A.|
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