Virtual Las Vegas: Regulate or Prohibit?

With online gambling becoming increasingly accessible and popular, state and federal politicians are asking themselves how to make the prohibition on online gambling effective. Nevertheless, questions still linger as to whether outright prohibition is truly the right answer

Identify Credit Tag Scheme Using Enhance And The Bulk Of Votes

In financial services, credit card theft is a major concern. Thousands of dollars are lost per year because of credit card theft. Research reports on the analysis of credit card data from the real world are lacking due to problems with secrecy. The paper is used to diagnose credit card fraud using machine learning algorithms. First of all, standard versions are included. Hybrid procedures are then used using AdaBoost and plurality voting methods. A public credit card data collection is used to test the efficiency of the model. An analysis of a financial institution's own credit card records is then conducted. In order to better evaluate the robustness of the algorithms, noise is applied to the samples. The experimental findings show that the plurality vote system has strong rates of accuracy in the detection of cases of fraud on credit cards

Stronger Utility

Empirical research often requires a method how to convert a deterministic economic theory into an econometric model. A popular method is to add a random error term on the utility scale. This method, however, violates stochastic dominance. A modification of this method is proposed to avoid violations of dominance. The modified model compares favorably to other existing models in terms of goodness of fit to experimental data. The modified model can rationalize the preference reversal phenomenon. An intuitive axiomatic characterization of the modified model is provided. Important microeconomic concept of risk aversion is well-defined in the modified model.Decision Theory, Probabilistic Choice, Stochastic Dominance, Strong Utility, Risk Aversion

Game of skill or game of luck? Motivations for gambling

The paper analyses the differences in gambling motivations of skill and luck gamblers based on the answers to a questionnaire distributed to students from the University of Pisa (Italy). We find that the probability of playing skill rather than luck games is positively correlated to being a male, to the socialization motive and to having a planning attitude and an interest in socializing. Instead, findings show that it is negatively correlated to the money motive, the perceived risk of losing social esteem, and age. Results are then applied to marketing strategies and public policies, with particular attention to the online environment

Prohibitive Failure: The Demise of the Ban on Sports Betting

On May 14, 2018, the Supreme Court of the United States struck down the federal prohibition on sports gambling. The sweeping opinion, authored by Justice Alito, ended more than a twenty-fiveyear- old policy that kept states from offering sports gambling, which confined sports betting almost entirely to illegal underground markets. Indeed, the sports betting prohibition is largely responsible for the growth of the illegal sports gambling market, which is now one of America’s twenty largest industries. The challenge to the federal Professional and Amateur Sports Protection Act was initially launched in 2012 when former U.S. Attorney and New Jersey Governor, Chris Christie, signed a bill licensing sports betting at New Jersey casinos and racetracks. Almost six years later, Governor Philip Murphy would see New Jersey prevail at the Supreme Court. The Supreme Court decision, holding that the Professional and Amateur Sports Protection Act was unconstitutional because of its commandeering of state legislative bodies, was an impactful decision bound to have implications across a variety of topics, ranging from state legalization of marijuana to so-called sanctuary cities. This article explores the origins of the Professional and Amateur Sports Protection Act by detailing the political conditions that gave rise to the statute and then examines the practicalities of the sports betting prohibition. In the second section, this article discusses the demise of the prohibition and its defeat at the Supreme Court. In section three, this article elucidates the remaining obstacles to an expansion of sports betting at the state and federal level. In section four, this article recommends several provisions that would serve the interests of all in new legal markets and concludes with a brief discussion of the broader implications of the fall of the prohibition

Risk Factors for Fraud in Elderly Americans

Americans over age 65 comprise approximately one eighth of our population, but about one third of scam victims. The risk of fraud in this population is of particular concern because it is increasing and the damage is greater; losses have been reported in billions of dollars, and elders typically cannot return to the work force to recoup their losses, which can amount to their life savings and even their independence. This project details the results of an unobtrusive research project consisting of a content analysis of more current literature to identify and examine risk factors of elder fraud

Gaming

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