wagering on the Kentucky Derby (http://www.
In this study, we use a unique data set in the parimutuel
-type Korean sports lottery market to ascertain whether there is a significant difference in winning payoffs between this parimutuel
sports lottery market and the bookmaker-based market.
The system that the integrator designed called for placing more than 700 pan-tilt-zoom digital cameras around the casino, count rooms, parimutuel
betting area, and any other areas where money changed hands.
where: LOT is real net state lottery revenues in log; INC is real state per capita income in log; POV is percentage of the population below poverty; POP is state population; POP2 is population squared; AGE is number of years the lottery has operated; TAX is state tax effort index; PARI is real state parimutuel
revenues in log; EMP is total employment in standard industry code 70 as a proxy for tourism; URBAN is percentage of population in urban areas; SQMILE is square miles of the state; [[Beta].
In 1994, gross revenues in parimutuel
wagering amounted to $3.
Thaler and Ziemba (1988) provide two definitions of efficiency in the parimutuel
where the independent variables are defined in Table 1 and represent, respectively, measures of tax effort, mean per capita personal income, a dummy variable accounting for the absence of a state sales tax, an index of tourism for the state,(6) per capita spendable revenue generated from parimutuel
betting in the state, percentage of the state's border contiguous with a state or states with lotteries, and an error term with the usual properties.
A form of wagering originated in 1865 by Frenchman Pierre Oller in which all money bet is divided up among those who have winning tickets, after taxes, takeout and other deductions are made.
To back up the service, he set up a parimutuel
betting company, Global Tote, in which future BHA chairman Paul Roy subsequently took a significant stake.