Robert H. Scott III, Ph.D., Arthur and Dorothy Greenbaum/Robert Ferguson/NJAR Endowed Chair in Real Estate Policy, professor of Economics, Finance, and Real Estate, and Mikhail Sher, Ph.D., associate professor of Management and Leadership, presented research at the 19th International Conference on Gambling & Risk Taking held in Las Vegas, Nevada, on May 26-28.
At the event, Scott and Sher discussed their paper, “Beat the Sportsbook: The Theory and Practice of Successful Sports Betting,” which explores the current public perception of gambling on athletic events and the ways in which participants can maximize positive returns.
The presenters discussed how gambling opportunities have changed over time, with sports betting attracting “younger and more affluent customers” who are less likely to participate in traditional gambling methods, such as casino games or slot machines. And while sports betting has become increasingly popular, the general public view maintains that it is nearly impossible for bettors to make money in the long run.
In their research, Scott and Sher explore quantitative and qualitative strategies that allow sports bettors to “overcome inherent odds disadvantages and realize both the theoretical (expected value) and practical (actual results) positive returns on their wagers.” Some concepts discussed include arbitrage betting and positive expected value betting, as well as ways to maximize sign-up bonuses and identify trends.
The International Conference on Gambling & Risk Taking conference brings together a diverse, global array of researchers and industry professionals to discuss wide-ranging topics in gambling studies. The event encourages new ways of thinking, drives innovation and change, and provides interdisciplinary access to the world’s brightest gambling minds. Held every three years, the conference is the largest, oldest, and most prestigious conference of its kind.