How bookies make your money
UK bookies (bookmakers) herd geographically in less-affluent areas. The present work shows that UK bookies also herd with the special bets that they advertise to consumers, both in their shop window advertising and on TV adverts as shown to millions of viewers. I report an observational study of bet...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Cambridge University Press
2015-05-01
|
| Series: | Judgment and Decision Making |
| Subjects: | |
| Online Access: | http://journal.sjdm.org/14/141026a/jdm141026a.pdf |
| _version_ | 1797717592583962624 |
|---|---|
| author | Philip W. S. Newall |
| author_facet | Philip W. S. Newall |
| author_sort | Philip W. S. Newall |
| collection | DOAJ |
| description | UK bookies
(bookmakers) herd geographically in less-affluent areas. The present work shows
that UK bookies also herd with the special bets that they advertise to
consumers, both in their shop window advertising and on TV adverts as shown to
millions of viewers. I report an observational study of betting adverts over
the 2014 soccer World Cup. Bet types vary in complexity, with complex types
having the highest expected losses. Bookies herded on a common strategy of
advertising special bets on two levels: by almost exclusively advertising
complex bet types with high expected losses, and by advertising representative
events within a given complex bet type. This evidence is most consistent with
bookies' advertising targeting a representativeness heuristic amongst bettors.
Bookies may know how to nudge bettors toward larger losses. |
| first_indexed | 2024-03-12T08:38:32Z |
| format | Article |
| id | doaj.art-38324c0845444ce3835788e8b645dc1e |
| institution | Directory Open Access Journal |
| issn | 1930-2975 |
| language | English |
| last_indexed | 2024-03-12T08:38:32Z |
| publishDate | 2015-05-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Judgment and Decision Making |
| spelling | doaj.art-38324c0845444ce3835788e8b645dc1e2023-09-02T17:01:28ZengCambridge University PressJudgment and Decision Making1930-29752015-05-01103225231How bookies make your moneyPhilip W. S. NewallUK bookies (bookmakers) herd geographically in less-affluent areas. The present work shows that UK bookies also herd with the special bets that they advertise to consumers, both in their shop window advertising and on TV adverts as shown to millions of viewers. I report an observational study of betting adverts over the 2014 soccer World Cup. Bet types vary in complexity, with complex types having the highest expected losses. Bookies herded on a common strategy of advertising special bets on two levels: by almost exclusively advertising complex bet types with high expected losses, and by advertising representative events within a given complex bet type. This evidence is most consistent with bookies' advertising targeting a representativeness heuristic amongst bettors. Bookies may know how to nudge bettors toward larger losses.http://journal.sjdm.org/14/141026a/jdm141026a.pdfgambling sports betting bookies bookmaking advertising representativeness heuristic.NAKeywords |
| spellingShingle | Philip W. S. Newall How bookies make your money Judgment and Decision Making gambling sports betting bookies bookmaking advertising representativeness heuristic.NAKeywords |
| title | How bookies make
your money |
| title_full | How bookies make
your money |
| title_fullStr | How bookies make
your money |
| title_full_unstemmed | How bookies make
your money |
| title_short | How bookies make
your money |
| title_sort | how bookies make your money |
| topic | gambling sports betting bookies bookmaking advertising representativeness heuristic.NAKeywords |
| url | http://journal.sjdm.org/14/141026a/jdm141026a.pdf |
| work_keys_str_mv | AT philipwsnewall howbookiesmakeyourmoney |