Overview of Sports Gambling Economics and Symposium Introduction

Gambling is probably older than recorded history. Lottery drawings (the origin of the modern word "lottery") are found in both the Old and New Testaments of the Bible, most famously in the Roman soldiers' drawing for Jesus' clothes at his crucifixion. In Greek mythology, Hades, Poseidon, and Zeus divided the heavens, the sea, and the underworld through a game of chance.

Organized sports also have a long history. The ancient Olympic Games date back to 776 BC and lasted until 394 AD. The Roman Circus Maximus, the site of horse races, chariot races, and gladiatorial contests for over a millennium, was originally built around 500 BC, and the Roman Colosseum began hosting sporting events, including gladiatorial contests, in 80 AD. In Mesoamerica, a variation of the ball game called pitzu was played for about 3000 years, from 1400 BC (Matheson 2019).

Given that both athletic competition and gambling were prevalent in many ancient civilizations, it is natural to conclude that the combined activity of sports gambling also has a long history. And indeed, it is widely reported that gambling was a popular activity at the Greek Olympic Games and other ancient Panhellenic events, as well as at ancient Roman races and fighting contests. Problems surrounding gambling have also been widely reported. In 388 BC, the Thessalian boxer Euphorus is known to have paid opponents to fight him at the Olympic Games. Gambling in Rome became so rampant that Caesar Augustus (c. 20 BC) restricted it to a week-long festival called Saturnalia, celebrated around the winter solstice, and Emperor Commodus (192 AD) turned the royal palace into a casino, bankrupting the Roman Empire in the process (Matheson et al.)

Like modern times, gambling was often looked down on social leaders in ancient times. Young Romans are no longer immersed in masculine habits such as horse riding and hunting. Juvenar (satire I, 87, BC), known for making the word "bread and circus", wrote: "The ragging of vices was so hard, the abyss of desires were so absorbed, and the passion for gambling was so intense. Nowadays. , How do you think about the $ 100, 000 you are willing to get a tunic to the slaves that are likely to die with a wallet. " (Matheson 2019).

Gambling in Europe before the Renaissance and the Industrial Revolution

Gambling in Europe continued in the Middle Ages and Renaissance. For example, the real origin of the famous cylinder in San Marco Square, Venice is lost by the mystery of time, but at least one history it is said to have been built around 1127 by Nicholas Barattii. 。 He was given an exclusive right to install a gambling platform between the cylinders as a reward for this job, but this act was officially banned in the Republic (Schiavon 2020).

However, gambling headed to the predecessor of modern casino games because there were no larg e-scale sports events like the ancient world. In fact, the gambling that was held in Venice's "small house" or "Casini" is the origin of the modern "casino", and in 1638, the "private room" Il Ridot, this area. So it became the first public legal casino (Schwarz 2006).

Horse racing was the mainstream of sports gambling throughout Europe and North America until the professional sports league was formed in the mid to the second half of the 19th century. The New Market Racecourse near Cambridge in the UK was founded in 1636, but the race was held here before. Charles II frequently visited the racetrack, and the horse racing gained the title "King's Sports" (Black 1891). The first racetrack in North America was opened in Long Island in 1665, and since then, horse racing has continued in the United States. < SPAN> As in modern times, gambling was often seen by social leaders in ancient times. Young Romans are no longer immersed in masculine habits such as horse riding and hunting. Juvenar (satire I, 87, BC), known for making the word "bread and circus", wrote: "The ragging of vices was so hard, the abyss of desires were so absorbed, and the passion for gambling was so intense. Nowadays. , How do you think about the $ 100, 000 you are willing to get a tunic to the slaves that are likely to die with a wallet. " (Matheson 2019).

Gambling in Europe before the Renaissance and the Industrial Revolution

Gambling in Europe continued in the Middle Ages and Renaissance. For example, the real origin of the famous cylinder in San Marco Square, Venice is lost by the mystery of time, but at least one history it is said to have been built around 1127 by Nicholas Barattii. 。 He was given an exclusive right to install a gambling platform between the cylinders as a reward for this job, but this act was officially banned in the Republic (Schiavon 2020).

However, gambling headed to the predecessor of modern casino games because there were no larg e-scale sports events like the ancient world. In fact, the gambling that was held in Venice's "small house" or "Casini" is the origin of the modern "casino", and in 1638, the "private room" Il Ridot, this area. So it became the first public legal casino (Schwarz 2006).

Horse racing was the mainstream of sports gambling throughout Europe and North America until the professional sports league was formed in the mid to the second half of the 19th century. The New Market Racecourse near Cambridge in the UK was founded in 1636, but the race was held here before. Charles II frequently visited the racetrack, and the horse racing gained the title "King's Sports" (Black 1891). The first racetrack in North America was opened in Long Island in 1665, and since then, horse racing has been continuing in the United States. Like modern times, gambling was often looked down on social leaders in ancient times. Young Romans are no longer immersed in masculine habits such as horse riding and hunting. Juvenar (satire I, 87, BC), known for making the word "bread and circus", wrote: "The ragging of vices was so hard, the abyss of desires were so absorbed, and the passion for gambling was so intense. Nowadays. , How do you think about the $ 100, 000 you are willing to get a tunic to the slaves that are likely to die with a wallet. " (Matheson 2019).

Gambling in Europe before the Renaissance and the Industrial Revolution

Gambling in Europe continued in the Middle Ages and Renaissance. For example, the real origin of the famous cylinder in San Marco Square, Venice is lost by the mystery of time, but at least one history it is said to have been built around 1127 by Nicholas Barattii. 。 He was given an exclusive right to install a gambling platform between the cylinders as a reward for this job, but this act was officially banned in the Republic (Schiavon 2020).

However, gambling headed to the predecessor of modern casino games because there were no larg e-scale sports events like the ancient world. In fact, the gambling that was held in Venice's "small house" or "Casini" is the origin of the modern "casino", and in 1638, the "private room" Il Ridot, this area. So it became the first public legal casino (Schwarz 2006).

Horse racing was the mainstream of sports gambling throughout Europe and North America until the professional sports league was formed in the mid to the second half of the 19th century. The New Market Racecourse near Cambridge in the UK was founded in 1636, but the race was held here before. Charles II frequently visited the racetrack, and the horse racing gained the title "King's Sports" (Black 1891). The first racetrack in North America was opened in Long Island in 1665, and since then, horse racing has continued in the United States.

Before the mi d-1800s, bookmakers set their individual racing odds for horse racing betting. This may be forced to pay a high prize money for bookmakers, and it is possible for the better to find out that the bookmaker has a shortage of funds for all payments. Yes, there is a risk. The problem was resolved when Joseph Olail, who later opened the famous Paris nightclub Moulin Rouge in Paris in 1867, developed Paris Betting.

In Palimi Chewel Betting, the return is not based on the odds set by the bookmaker, but the gambler itself is generated in internal (CANYMERES 1946) based on the number and size bet on various racing participants (CANYMERES 1946. ) The betting system is rapidly spreading in Europe and American horse racing and is still a standard for horse racing around the world today.

Gambling in US history

Gambling was a general activity throughout the colonial era through the early history of the United States. Lottery has been funded by European settlement in James Town, the operation of prestigious universities such as Harvard University and Princeton University, and the construction of a historic Faniel Hall in Boston. Card rooms are not unusual for bars and road houses nationwide, and this activity moved to the west river ship and bar (Grote and Matheson 2017) when the west expanded in the 1800s.

However, from the late 1800s to early 1900, the legalism of all gambling throughout the United States was widely reduced. In the field of sports, betting on horse racing was illegal, except in Kentucky and Maryland by 1900. To this state, two of the thre e-crown event of American horse racing, Kentucky Derby and Priknes Stakes, have been held to this state. It was in the 1930s that each state began to r e-legal the horse racing gambling, and was implemented as an economic stimulation measure during the Great Depression. The total handling of horse racing has peaked in the 1970s, and since the competition with alternative gambling such as lottery and casinos in the state has intensified, it has generally decreased (in fact, racetracks nationwide called "Lacino". Many are allowed to provide alternative gambling such as slot machines in the hall (Nash 2009). In 2019, horse racing in the United States reached a total of $ 11 billion (JOCKEY CLUB 2020).

The birth of a professional sports league in the United States immediately created new betting opportunities and corruption issues. The National League, the oldest professional league in the United States, was formed in 1876, and in 1877, Louisville Graze was caught in a gambling scandal, ending the season. Similarly, the Ohio League, the predecessor of the modern national football league (NFL), started his activities in 1903, but by 1906, it was involved in the 80 0-Ch o-Chandard between Canton Bulldog and Massillon Tigers. (Grote and Matheson 2017).

When the professional sports league began in the United States, betting on the game was generally illegal, like other gambling at the time, but gamblers can bet directly or gamblers to multiple gamblers. It was common to bet through "pool card". Nevada, which became the first state of legalizing most gambling in 1931, approved sports gambling in 1949, but due to high tax rates for the bet, major casinos could not run a sportsbook until 1974. Ta. After 10 % of the sports gambling income was eliminated, sports betting increased dramatically to $ 3, 873, 217 in 1974 and $ 26, 170, 328 in 1975 (in 1975. Grote and Matheson 2017). By 2019, Nevada's 192 sports books earned $ 5. 3 billion, accounting for about 2. 7 % of the total gaming income (Nevada Gaming Control Board 2019).

Only Nevada provided a complete sportsbook, but Montana, Oregon, and Delaware have been providing pool cards through state lottery since the 1970s. Montana first provided a legal pool card in 1974. Delaware was in 1976 (he won a trial with NFL in search of the right to provide sports gambling), but it was difficult to comply with the state's statutory guidelines for lottery donation to state finances. The game ended the following year. Oregon lottery sold NFL pool cards from 1998 to 2007, and in 1998 and 1999 sold a game ticket for the National Basketball Association (NBA) (however, the NBA ticket is a local NBA team in Portland. Was not included). Under the threat of losing the opportunity to hold the NCAA Post Season Men's Basketball Tournament (March Madness) with the pressure from the National University Sports Association (NCAA), the state eventually finished providing sports gambling (GROTE). And Matheson 2017).

PAPSA (Professional and Amateur Sports Protection Act), which was established in 1992, prohibits legalization of sports gambling in all forms, including lotteries, cosinas, and tribal casinos, while operating existing sports gambling 4. It was to have the state as my grandfather. In the mi d-2010s, New Jersey, who was trying to revive a sluggish casino in Atlantic City, filed a lawsuit to overturn PAPSA, and in May 2018, the Federal Supreme Court made PAPSA unconstitutional. This ruling did not legalize sports gambling in any state, but has the options to legalize sports gambling if each state chooses. This symposium verifies some of the economic issues facing the sports gambling industry with the opening of the US market.

Problems facing the new sports gambling industry

The first, probably the simplest question in the industry, is how much sports gambling is and how wide it is in each state. It is clear that sports gambling follows the patterns of lottery and casinos, but the pace is almost faster. As Garrett and Marsh (2002) pointed out, when the state began to legalize the state lottery, the nearby state would expenditizes a lottery over the border unless the games of the sel f-establishment were legalized. I began to feel the pressure of losing.

After the first stall lottery in New Hampshire in 1964, all states, except for six states by 2020, have adopted lotteries. Among the Hasuzu, Alaska and Hawaii have been protected from geographically cros s-border purchases, and the powerful gambling industries in Nevada stopped the cla n-sponsored competitors, and Alabama, Mississippi, and Utah. Conservative religious culture stopped the lottery there. (Alabama, Mississippi, and Utah, conservative religious culture stopped the lottery (however, in Mississippi, the legalization of sports gambling has not been stopped due to religious concerns). I guess I just want to bet a few dollars to reverses the tide).

Regarding sports gambling, New Jersey and Delaware were legalized shortly after the 2018 court decision, and many states followed. By the end of 2020, 20 states and Colombia special wards have legalized sports gambling, six states have laid out sports gambling, and more than 20 states are considering bills (more than 20 states (). Rodenberg 2020). Sports gambling will soon be legalized nationwide.

The next big problem faced by the industry is to evaluate the potential market size of sports betting. If sports gambling is limited to fac e-t o-face gambling at existing casinos, the effects of nationwide legalization are likely to be quite modest. If the data of Nevada's sports gambling is extracted into a casino market in the United States, nationwide legalization may result in an annual gambling amount of $ 20 billion and a casino pure income of less than $ 1 billion. Although this number may look high, sports betting has been legalized since 1960 (although highly regulated) and more than 8300 stores that spread throughout the country (as of March 2019). It is incomparable to the Gambling figures in the UK, which can be widely used through small commercial betting shops.

In the most recent fiscal year before the COVID-19 pandemic closure due to pandemic, British face-to-face betting shops generated $ 3. 7 billion and online gambling to $ 2. 8 billion (UK Gambling Commission 2020). This means that Better in the UK made a bet of about $ 10. 30 billion in 2019, or about $ 2, 000 per citizen. If it gained similar popularity in the US market, the annual bet would exceed $ 600 billion and the sports gambling pure income was $ 32 billion. The $ 32 billion of the $ 32 billion is about twice as much as the net gambling income produced by the US state lottery, slightly below the net casinogening income of $ 42 billion. Such revenues will be possible only when mobile gambling is legalized and not only to bet on the results of the game, but when the i n-game betting that bets on individual play is widely widespread. The next big problem faced by the industry is to evaluate the potential market size of sports betting. If sports gambling is limited to fac e-t o-face gambling at existing casinos, the effects of nationwide legalization are likely to be quite modest. If the data of Nevada's sports gambling is extracted into a casino market in the United States, nationwide legalization may result in an annual gambling amount of $ 20 billion and a casino pure income of less than $ 1 billion. Although this number may look high, sports betting has been legalized since 1960 (although highly regulated) and more than 8300 stores that spread throughout the country (as of March 2019). It is incomparable to the Gambling figures in the UK, which can be widely used through small commercial betting shops.

In the most recent fiscal year before the COVID-19 pandemic closure due to pandemic, British face-to-face betting shops generated $ 3. 7 billion and online gambling to $ 2. 8 billion (UK Gambling Commission 2020). This means that Better in the UK made a bet of about $ 10. 30 billion in 2019, or about $ 2, 000 per citizen. If it gained similar popularity in the US market, the annual bet would exceed $ 600 billion and the sports gambling pure income was $ 32 billion. The $ 32 billion of the $ 32 billion is about twice as much as the net gambling income produced by the US state lottery, slightly below the net casinogening income of $ 42 billion. Such revenues are likely to be possible only when the i n-game betting that bets on individual play is widely used, rather than the legalization of mobile, sports, and gambling. The next big problem faced by the industry is to evaluate the potential market size of sports betting. If sports gambling is limited to fac e-t o-face gambling at existing casinos, the effects of nationwide legalization are likely to be quite modest. If the data of Nevada's sports gambling is extracted into a casino market in the United States, nationwide legalization may result in an annual gambling amount of $ 20 billion and a casino pure income of less than $ 1 billion. Although this number may look high, sports betting has been legalized since 1960 (although highly regulated) and more than 8300 stores that spread throughout the country (as of March 2019). It is incomparable to the Gambling figures in the UK, which can be widely used through small commercial betting shops.

In the most recent fiscal year before the COVID-19 pandemic closure due to pandemic, British face-to-face betting shops generated $ 3. 7 billion and online gambling to $ 2. 8 billion (UK Gambling Commission 2020). This means that Better in the UK made a bet of about $ 10. 30 billion in 2019, or about $ 2, 000 per citizen. If it gained similar popularity in the US market, the annual bet would exceed $ 600 billion and the sports gambling pure income was $ 32 billion. The $ 32 billion of the $ 32 billion is about twice as much as the net gambling income produced by the US state lottery, slightly below the net casinogening income of $ 42 billion. Such revenues will be possible only when mobile gambling is legalized and not only to bet on the results of the game, but when the i n-game betting that bets on individual play is widely widespread.

How to expand access to sports gambling is how much new players will bring to the entire gambling industry, or whether existing gambling options such as states, horse racing, and casino gambling are simply a crab variation. It is clear that it is a big problem faced by the industry. The first papers in this symposium are analyzing the sports gambling handle determination factors and the effects of other casino gambling in the first year when sports betting was legalized in a west virginian casino. I have verified the topic (HUMPHEYS 2021). BRAD HUMPHREYS has found that the introduction of sports gambling has significantly reduced the gaming tax revenue for the entire state because the profit from sports gambling tax has far exceeded the decrease in tax revenues from the video lottery terminal. did.

• Of course, even if sports gambling attracts new customers by attracting new customers, sports gambling can bring a new group of pathological and problem gambling issues. This is not a problem (McGOWAN 2014). The second papers in this symposium are considered about healthover in Canada, which is related to participation in gambling activities (HUMPHREYS et al.) Brad Humphreys, John Nyman, Jane Ruseski, recreational gambling is a specific gambling. It shows that it does not affect the probability of becoming a chronic health at all, or rather reduces it, and has a positive effect on life satisfaction. < SPAN> How to expand access to sports gambling will bring a new player to the entire gambling industry, or simply make the existing gambling options such as states, horse racing, and casinogaming can be crabed. It is clear that the industry is a big problem facing the industry. The first papers in this symposium are analyzing the sports gambling handle determination factors and the effects of other casino gambling in the first year when sports betting was legalized in a west virginian casino. I have verified the topic (HUMPHEYS 2021). BRAD HUMPHREYS has found that the introduction of sports gambling has significantly reduced the gaming tax revenue for the entire state because the profit from sports gambling tax has far exceeded the decrease in tax revenues from the video lottery terminal. did.
• Of course, even if sports gambling attracts new customers by attracting new customers, sports gambling can bring a new group of pathological and problem gambling issues. This is not a problem (McGOWAN 2014). The second papers in this symposium are considered about healthover in Canada, which is related to participation in gambling activities (HUMPHREYS et al.) Brad Humphreys, John Nyman, Jane Ruseski, recreational gambling is a specific gambling. It shows that it does not affect the probability of becoming a chronic health at all, or rather reduces it, and has a positive effect on life satisfaction. How to expand access to sports gambling is how much new players will bring to the entire gambling industry, or whether existing gambling options such as states, horse racing, and casino gambling are simply a crab variation. It is clear that it is a big problem faced by the industry. The first papers in this symposium are analyzing the factors of sports gambling handle and other casino gambling in the first year when sports betting was legalized in a west virginian casino. I have verified the topic (HUMPHEYS 2021). BRAD HUMPHREYS has found that the introduction of sports gambling has significantly reduced the gaming tax revenue for the entire state because the profit from sports gambling tax has far exceeded the decrease in tax revenues from the video lottery terminal. did.
• Of course, even if sports gambling attracts new customers by attracting new customers, sports gambling can bring a new group of pathological and problem gambling issues. This is not a problem (McGOWAN 2014). The second papers in this symposium are considered about healthover in Canada, which is related to participation in gambling activities (HUMPHREYS et al.) Brad Humphreys, John Nyman, Jane Ruseski, recreational gambling is a specific gambling. It indicates that it does not affect the probability of becoming a chronic health at all, or rather decreases, and has a positive effect on life satisfaction.
• The legalization of sports gambling ensures winners and losers. As mentioned earlier, depending on the degree of the crabization, other gambling forms are likely to be the loser. For example, horse racing (NASH 2009), which is likely to continue to decrease in gambling in the long term, and the possibility of casinogaming pointed out by HUMPHREYS (2021) in this symposium. On the other hand, sportsbook operators and mobile application developers are more likely to be the winner, and the casino itself may be the winner of the sports gambling legal or loser. Not only existing casinos have entered the online sports gambling market. In many states, Fanduel and DRAFTKINGS, whose legal was the debate before the legalization of sports gambling, has become a fans in the online fantasy, sports game, community. Utilizing the bass, it has already gained more traditional online sports gambling opportunities.
• The sports league itself can be both winners and losers. Historically, in the United States, the league has strongly opposed the legal sports betting because of the possibility of corruption. The history of American sports is from the early days of Louisville Graze and Canton Burdogs, the Inforal 1919 "Black Socks" World Series World Series Scandal, 1948 NCAA Basketball Point Shaving. It is scattered with betting scandals, up to the recent behavior of the scheme, the major league baseball (MLB) player and directed by Peat Rose and the NBA referee Tim Donagie.
• But recently, each league has been supporting Sports Betting. One of the reasons is that each league acknowledges that if there is a legal betting market, regulatory authorities can easily detect suspicated betting acts that suggest corruption. More importantly, teams and leagues have gradually recognized that fans can gamble in the game, which could increase their interest in fans. There is no doubt that NCAA has a significant part of the "March Madness", which has a $ 19. 6 billion television contract for 23 years. Similarly, NFL also understands that the explosive spread of the Fantasy Football League has gained popularity in the game. HUMPHREYS and others (2013) showed evidence that there is a significant correlation between betting and television audience rating in the regular season of men's NCAA basketball.
• Moreover, in the United States, professional athletes' salaries have risen dramatically over the past few decades, making corruption less of a concern. It is unlikely that a star American major league player would risk his huge athletic income by accepting a bribe to change the outcome of a game (and non-star players, who might benefit from a bribe, are rarely in a position to influence the game). Sports where corruption is at greater risk are those with high fan interest but low player salaries. This describes the working conditions of athletes before free agency in the United States, such as during the Black Sox Scandal of 1919, umpires like Tim Donaghy, players in minor leagues and small domestic leagues, and cricketers before the relatively recent formation of the Indian Premier League. It also describes the situation of American college athletes, where the NCAA has successfully cartelized and limited the ability of even the top college athletes to earn income as players, despite playing for teams that bring in millions or tens of millions of dollars in profits per year for their host schools. It is therefore not surprising that the NCAA, in contrast to major American professional leagues, is staunchly opposed to sports gambling.
• Sports leagues are naturally eager to take measures to protect themselves from potential corruption as gambling opportunities expand. The third paper in the symposium (Depken and Gandar 2021) explores the topic of integrity fees paid by sportsbooks to leagues. Craig Depken and John Gandar find evidence that integrity fees may influence sportsbooks to set lines that minimize the chance of payouts in certain match situations.
• Finally, legalization of sports betting would provide researchers with a wealth of new data to analyze one of the oldest questions in gambling economics: are sports betting markets efficient? The final paper of the symposium provides an excellent example of this type of research (Brymer et al.). Rhett Brymer, Ryan M. Rodenberg, Huimiao Zheng, and Tim R. Holcomb examine whether referees from major college football conferences can be shown to have specific biases and whether gambling markets adequately account for these biases. Such research will remain a fertile area for continued economic research.
• As a guest editor, Cynthia Bansak and Allan Zebedee in Eastern Economic Journal, the 39th Eastern Eastern Economic Association Session in New York. Participants, and this symposium I would like to thank many anonymous referee for helping me. The most important thing is to propose the symposium and thank Brad Hanfrey Economics, Vice Chairman of the Eastern Economics Society for collecting and reviewing participation papers. In fact, his name should be posted in this guest editor's introduction, but he would have to settle as two wonderful contributions in this symposium.
• References
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