Early writers on probability had explained how the ‘house advantage’ didn’t need to be large for a gambling enterprise to profit enormously. But gamblers and gambling operators were slow to catch on.
The rise of sports betting, fuelled by the proliferation of online platforms and the legalization of gambling in many areas, has brought new complexities to the world of sports.
When the US Supreme Court legalized sports betting, states were quick to get in on the action. But as lawmakers grow reliant on taxes from betting, what do they owe problem gamblers?
What makes the NFL’s embrace of gambling so striking is that for most of its history, the league had pushed the government for stricter regulations – not more lenient ones.
The new UK white paper reforming the gambling laws for the digital age says nothing about one of the most concerning new developments in this field in the past 20 years.
Professor of Economics and Finance. Director of the Betting Research Unit and the Political Forecasting Unit at Nottingham Business School, Nottingham Trent University