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1 – 10 of over 3000Peter Jones, David Hillier, David Turner and Daphne Comfort
The recent advent of betting exchanges, which allow customers to bet against each other, rather than against the bookmaker or betting shop chain, may herald a change in the nature…
Abstract
The recent advent of betting exchanges, which allow customers to bet against each other, rather than against the bookmaker or betting shop chain, may herald a change in the nature of customer relationships within the sports betting market. This article outlines the size and current characteristics of the sports betting market, describes the emergence and operation of betting exchanges and discusses the possible impact that these exchanges may have on traditional sports betting transactions and markets.
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Peter Jones, David Hillier, David Turner and Daphne Comfort
This article provides market intelligence, by way of a narrative case study, relating to online retailing in an unusual setting. While the transaction between business and…
Abstract
This article provides market intelligence, by way of a narrative case study, relating to online retailing in an unusual setting. While the transaction between business and customers is generally seen as very much the dominant element in such retailing, customer‐to‐customer interactions are generating important e‐commerce niches. The case study presents an example, in the shape of “betting exchanges” in the UK, which allow customers to bet against each other rather than against the traditional betting shop. It briefly discusses some of the special challenges facing online retailers in general, outlines the size, structure and characteristics of the betting market, describes the emergence and operation of the betting exchanges, assesses their possible impacts on betting shops, and speculates about future developments.
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Antje Cockrill, Mark Goode and Daniel Emberson
The concept of servicescape and its effect on consumer behaviour has been studied extensively in numerous areas of retailing. However, the role of servicescape in non‐traditional…
Abstract
Purpose
The concept of servicescape and its effect on consumer behaviour has been studied extensively in numerous areas of retailing. However, the role of servicescape in non‐traditional service settings has received comparatively little attention. The aim of this paper is to fill in some of this research gap by testing the effects of servicescape (ambience, layout and functionality) on consumer behaviour within UK betting shops, as part of the wider UK gambling industry.
Design/methodology/approach
In order to achieve this objective an exploratory research methodology was chosen. Firstly, three betting shops in the same metropolitan area were chosen as the base for interviews with managers and structured observations. This was complemented by fifty semi‐structured customer interviews from the same three betting shops. The use of these different methods allowed triangulation and validation of the results.
Findings
The key finding of this paper are that customers in betting shops appear to be unaffected by some of the elements of the servicescape. However, this research has found that signs, symbols and artefacts were regarded as critically important by consumers.
Research limitations/implications
Further, larger scale research is needed on the effects of servicescape in environments where consumption behaviour could be considered compulsive. This could includes, e.g. betting shops, arcades, casinos, bingo halls and National Lottery “shops.” Furthermore, this paper could also be used as the basis for further research on the e‐servicescape of the online gambling industry.
Practical implications
Some servicescape elements do not appear to affect betting shop customers greatly, but staff knowledge is important. Therefore, resources should be spent on improving staff knowledge rather than on other elements of the servicescape.
Originality/value
No prior empirical research has been found in this area.
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Herbert Endres, Kristina Stoiber and Nina Magdalena Wenzl
This paper aims to examine how hybrid business models can help companies to survive in a constantly evolving digital world. The hybridization of business models is a promising…
Abstract
Purpose
This paper aims to examine how hybrid business models can help companies to survive in a constantly evolving digital world. The hybridization of business models is a promising approach to innovation.
Design/methodology/approach
The authors discuss the key elements of a successful business model hybridization along the Business Model Canvas (Osterwalder and Pigneur, 2010). In particular, the elements of value propositions, customer segments, channels and a company’s cost structures demonstrate the individual steps toward a hybridized business model. Using Paddy Power Betfair as an example, the authors showcase how the concept of a hybrid business model can be successfully implemented in practice.
Findings
By hybridizing its business model, Betfair not only expanded existing customer value propositions but also introduced new ways of co-creating value with customers. Simultaneously, the hybridization positively affects a company’s revenue model, hence evolving in new ways of capturing value.
Originality/value
To effectively hybridize and thus innovate a company’s business model, the two key factors are successful value creation and value capture. By hybridizing elements of existing business models, new value for customers can be generated. Companies capturing this additional value may achieve sustainable and successful business models and thereby gain a competitive advantage.
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Alexandros Kalaitzakis, Petros Lois and Spyros Repousis
The purpose of this study is to empirically examine the efficiency of Greek fixed-odds (offline) betting market as offered by OPAP for the period 2016–2019.
Abstract
Purpose
The purpose of this study is to empirically examine the efficiency of Greek fixed-odds (offline) betting market as offered by OPAP for the period 2016–2019.
Design/methodology/approach
Using a four-year data sample of OPAP's opening and closing odds for football matches from all over the world and applying linear probability and probit models, the market efficiency is examined and the existence of possible anomalies is investigated.
Findings
The main findings of research suggest that although the odds are dominated primarily by favorite-longshot bias and secondarily by draw bias, this mispricing cannot prove profitable. However, the opening odds, the margin levels and the market structure provide information that is not fully captured by the closing odds, giving bettors profit opportunities. Thus, findings show that the semi-strong market efficiency is questionable. Finally, competition reduces commissions leading to more efficient odds.
Practical implications
The conclusions of this study are useful for football betting market and, particularly, for government authorities, bookmakers and bettors. Findings can be extended in future research to prediction tasks.
Originality/value
To the best of the authors’ knowledge, this is the first study about the Greek football betting market. The contribution to the literature lies on the one hand in the examination of a monopolistic land-based betting market, which is being squeezed and threatened by the more competitive online betting market, and on the other hand in the simultaneous examination of the opening and closing odds.
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Patrick McCole, Elaine Ramsey, Andrew Kincaid, Yulin Fang and Huifang LI
Varied accounts exist regarding the role of trust and satisfaction in online continuance intention and contexts within which this occurs. The purpose of this paper is to consider…
Abstract
Purpose
Varied accounts exist regarding the role of trust and satisfaction in online continuance intention and contexts within which this occurs. The purpose of this paper is to consider the moderating effect of structural assurance (SA) on satisfaction and trust and trust and continuance intention in a pure e-service context (online betting).
Design/methodology/approach
UK online bettors were surveyed with an instrument developed using validated variables and measurements, including continuance intention, satisfaction, trust (in vendor) and SA. Structural equation modeling with partial least squares was used to evaluate the measurement and structural model simultaneously.
Findings
SA positively moderates the trust–continuance intention relationship but not the satisfaction–trust relationship. SA is positively associated with trust.
Research limitations/implications
The study contributes to research focused on exploring the moderating effects of trust and satisfaction on continuance intention where institution-based mechanisms are perceived to be effective and framed to assure success.
Practical implications
An over-reliance on context-specific mechanisms is inadequate; strategic approaches to trust must consider contextual and institutional mechanisms interdependently.
Originality/value
The paper addresses the need for research relating to the institutional context within which trust mechanisms operate. This research provides a novel contribution through an exploration of the moderating effects of SA on: trust and continuance intention; and satisfaction and trust (the authors also measure the direct effect of SA on trust). This paper is one of the first studies to examine these important concepts in this context. The online betting case allows for the exploration of risk where vendor-specific and contextual risk are both high.
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Geoff Lightfoot and Simon Lilley
The purpose of this paper is to subject the short lived “Policy Analysis Market” (PAM) – “a Pentagon betting market on terror attacks” – and media and academic reactions to it, to…
Abstract
Purpose
The purpose of this paper is to subject the short lived “Policy Analysis Market” (PAM) – “a Pentagon betting market on terror attacks” – and media and academic reactions to it, to some critical analysis.
Design/methodology/approach
The paper engages sustained invocation of the relationship between simulation and representation, for the story of the Policy Analysis Market (PAM) and its demise is replete with the tension between the two. It interrogates a range of accounts of the (un)timely demise of PAM, from the fearful senators and the moralistic media who subsumed and buttressed their position to the market evangelists for whom the failure of this particular market was merely proof of the veracity of markets elsewhere.
Findings
It is found that, inter alia, PAM was not really market‐like enough and, indeed, that it duplicated in impoverished form already existing markets that pertain to its objects of interest; that it was too much a market, given that its “goods” are seemingly inappropriate for market trade; and that it exposed too much of the truth of the actual operation of existing markets via the difficulties it confronted with regard to the possibility of insider dealing.
Originality/value
By contextualising PAM within the so‐called war on terror of which it was part, we see in the tension between representation and simulation, tension between a singular and a manifold reality; a set of tensions which make clear the extent of the gap that must exist between cause and effect, truth and prediction. The paper concludes by joining the celebration of PAM's demise whilst yearning for a similar fate to befall the other monologues that brought it to silence.
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Cyrus A. Ramezani and James J. Ahern
As digital technologies expand access to new forms of legalized gambling, including sports betting and online gaming, it is important to assess the impact of macroeconomic and…
Abstract
Purpose
As digital technologies expand access to new forms of legalized gambling, including sports betting and online gaming, it is important to assess the impact of macroeconomic and equity market outcomes on fund flows into gambling. The authors’ findings will be of interest to policymakers and the gambling industry, as various forms of gambling, including day trading, gain broad public acceptance.
Design/methodology/approach
The authors examine the impact of macroeconomic forces, business cycles, and financial market wealth on gambling. The authors propose a nonlinear model linking aggregate gambling expenditures to macroeconomic, stock market, and gambling industry variables. The authors estimate the proposed model using nonlinear estimation procedures.
Findings
The authors find that price of wagering, incomes, and supply of gambling opportunities are the primary determinants of wagering demand. Aggregate wagering is negatively impacted by realized stock returns and market volatility, but rises during recessions.
Originality/value
To the best of the authors’ knowledge, the questions posed and addressed in this manuscript have not been addressed in prior literature.
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