NDLI: Why are Gambling Markets Organized so Differently than Financial Markets ?

Content Provider	Semantic Scholar
Author	Levitt, Steven D.
Copyright Year	2004
Abstract	The market for sports gambling is structured very differently than the typical financial market. In sports betting, bookmakers announce a price, after which adjustments are small and infrequent. Bookmakers do not play the traditional role of market makers matching buyers and sellers, but rather, take large positions with respect to the outcome of game. Using a unique data set, I demonstrate that this peculiar price-setting mechanism allows bookmakers to achieve substantially higher profits. Bookmakers are more skilled at predicting the outcomes of games than bettors and systematically exploit bettor biases by choosing prices that deviate from the market clearing price.
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://economics.yale.edu/sites/default/files/files/Workshops-Seminars/Industrial-Organization/levitt-040304.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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