Research output: Working paper
Research output: Working paper
}
TY - UNPB
T1 - The relationship between betting and lottery play: a high frequency time-series analysis
AU - Gulley, O D
AU - Simmons, R
AU - Forrest, D
PY - 2005
Y1 - 2005
N2 - The substitutability of different gambling products is an important concern for any jurisdiction contemplating deregulation of its gambling sector. We apply a novel daily time-series data set of daily turnover from one of Britain's leading bookmakers to analyse potential substitution between lottery play and bookmaker betting. We find some evidence that bettors do substitute away from horse race, dog race and numbers betting when the effective price of lottery tickets is unusually low, i.e. when there is a rollover or Superdraw. This substitution has a highly specific pattern of timing that varies by sector. Our results further suggest that bettors rationally engage in forward-looking substitution within their betting portfolios.
AB - The substitutability of different gambling products is an important concern for any jurisdiction contemplating deregulation of its gambling sector. We apply a novel daily time-series data set of daily turnover from one of Britain's leading bookmakers to analyse potential substitution between lottery play and bookmaker betting. We find some evidence that bettors do substitute away from horse race, dog race and numbers betting when the effective price of lottery tickets is unusually low, i.e. when there is a rollover or Superdraw. This substitution has a highly specific pattern of timing that varies by sector. Our results further suggest that bettors rationally engage in forward-looking substitution within their betting portfolios.
KW - betting
KW - bookmaker
KW - lottery
KW - substitution
M3 - Working paper
T3 - Economics Working Paper Series
BT - The relationship between betting and lottery play: a high frequency time-series analysis
PB - The Department of Economics
CY - Lancaster University
ER -