THE HISTORY OF A LOTTERY GAME THAT WAS SELDOM WON

Article Sidebar

PDF
Published: Jan 2, 2013
DOI: https://doi.org/10.5750/jgbe.v1i1.509

Main Article Content

David Forrest
Centre for the Study of Gambling University of Salford
Dika Alagic

Abstract

Lotto Extra was offered as part of the United Kingdom National Lottery’s portfolio of games between 2000 and 2006. A demand model for the game is estimated and used to illustrate a discussion of why sales of the game fell steadily to the point where it was no longer viable. Emphasis is placed on the lack of minor prizes and the long sequences of weeks when no one won the jackpot (and only) prize.

Article Details

Issue
Vol. 1 No. 1 (2007)
Section
Articles

References

M Beenstock and Y Haitovsky ‘Lottomania and other anomalies in the market for lotto’ (2001) 22 Journal of Economic Psychology 721-744.

P J Cook and C T Clotfelter ‘The peculiar scale economies of lotto’ (1993) 40 American Economic Review 634-643.

D Forrest ‘The past and future of the British football pools’ (1999) 15 Journal of Gambling Studies 61-176.

D Forrest ‘Time series modelling of the demand for lotteries’ in L Vaughan Williams (ed.) The Economics of Betting, (London, Routledge, 2003), pp. 182-203.

D Gulley and F A Scott ‘The demand for wagering on state-operated lottery games’ (1993) 45 National Tax Journal 13-22.

J Guryan and M Kearney ‘Lucky stores, gambling and addiction: empirical evidence from state lottery sales’, 2005, working paper, NBER.

V Matheson and K Grote ‘Dueling jackpots: are competing lotto games complements or substitutes’, 2005, working paper 04-06, College of the Holy Cross, Worcester, MA.

D Miers ‘The implementation and effects of Great Britain’s National Lottery’ (1996)12 Journal of Gambling Studies 343-373.

J Quiggin ‘On the optimal design of lotteries’ (1991) 58 Economica 1-16.