Chapter 39 Further Reading: The Sports Betting Industry

The following annotated bibliography provides resources for deeper exploration of the sports betting industry topics introduced in Chapter 39. Entries are organized by category and chosen for their relevance to understanding sportsbook operations, business models, technology, regulation, and career opportunities.

Books: Industry and Business

1. Munting, Roger. An Economic and Social History of Gambling in Britain and the USA. Manchester University Press, 1996. A comprehensive historical treatment of gambling's economic and social role in two major markets. While dated in its coverage of modern online betting, the book provides essential context for understanding the regulatory and cultural forces that shaped today's industry. Particularly valuable for understanding why the US and UK took such different regulatory paths.

2. Schwartz, David G. Roll the Bones: The History of Gambling. Gotham Books, 2013 (updated edition). A sweeping history of gambling from ancient civilizations to the modern era. Schwartz's treatment of the Nevada casino industry's evolution and the emergence of legal sports betting provides historical context for the business models discussed in Chapter 39.

3. Levitt, Steven D. "Why Are Gambling Markets Organised So Differently from Financial Markets?" The Economic Journal, 114(495), 2004, pp. 223-246. A landmark paper examining why sportsbooks operate as price-setters rather than market-clearing exchanges. Levitt demonstrates that sportsbooks exploit bettor biases (e.g., public preference for favorites) rather than simply balancing their books. This paper is foundational for understanding the position-taking model discussed in Section 39.2.

4. Kovalchik, Stephanie. "Searching for the GOAT of Tennis Win Prediction." Journal of Quantitative Analysis in Sports, 12(3), 2016, pp. 127-138. While focused on tennis prediction models, this paper provides excellent context for understanding how quantitative models are used in odds compilation across sports. The comparison of model types (Elo, regression, machine learning) reflects the toolkit available to modern odds compilers.

Industry Reports and Analysis

5. American Gaming Association. State of the States (Annual Report). The AGA's annual report provides comprehensive data on the US gambling industry, including state-by-state sports betting handle, GGR, tax revenue, and regulatory developments. Essential for tracking the expansion discussed in Section 39.5. Updated annually and freely available at americangaming.org.

6. Eilers & Krejcik Gaming. US Sports Betting Market Reports. The leading independent research firm covering US sports betting publishes detailed market reports with operator market share estimates, handle data, and regulatory analysis. Their state-level data informs the market share tables in Section 39.1. Reports are subscription-based but frequently cited in industry press.

7. H2 Gambling Capital. Global Gambling Data and Analysis. The most comprehensive source of global gambling market data, covering market size, growth rates, and regulatory status for every jurisdiction worldwide. Essential for understanding the global context of the US market's development and comparing regulatory approaches across jurisdictions.

Academic Papers: Market Structure and Pricing

8. Kuypers, Tim. "Information and Efficiency: An Empirical Study of a Fixed Odds Betting Market." Applied Economics, 32(11), 2000, pp. 1353-1363. An empirical analysis of betting market efficiency in UK soccer, examining how odds adjust to information and whether persistent biases exist. Directly relevant to understanding the odds compilation process and the efficiency of modern betting markets.

9. Franck, Egon, Verbeek, Erwin, and Nuesch, Stephan. "Prediction Accuracy of Different Market Structures --- Bookmakers Versus a Betting Exchange." International Journal of Forecasting, 26(3), 2010, pp. 448-459. Compares the predictive accuracy of traditional bookmaker odds versus Betfair exchange prices. Finds that exchange prices are marginally more accurate, supporting the argument that exchanges provide superior price discovery. Relevant to both the odds compilation discussion and the betting exchange material in Chapter 40.

10. Vlastakis, Nikolaos, Dotsis, George, and Markellos, Raphael N. "How Efficient is the European Football Betting Market? Evidence from Arbitrage and Trading Strategies." Journal of Forecasting, 28(5), 2009, pp. 426-444. Examines market efficiency in European soccer betting, finding that while markets are generally efficient, exploitable inefficiencies exist in specific market segments. The paper's methodology for measuring margins across operators informs the hold percentage analysis in Chapter 39.

Technology and Operations

11. Sportradar AG. "Our Technology" and "Integrity Services" (Corporate documentation). Sportradar's public-facing descriptions of their data collection, odds compilation, and integrity monitoring technology provide insight into the B2B infrastructure that powers many sportsbooks. Their Universal Fraud Detection System (UFDS) documentation is particularly relevant to the integrity monitoring discussion in Section 39.5.

12. GeoComply Solutions. "How It Works" (Technical documentation). GeoComply's documentation of their multi-layered geolocation technology (GPS, Wi-Fi, cell towers, IP analysis) provides technical detail on the compliance infrastructure described in Section 39.3. Useful for understanding the precision and complexity of location verification in the US market.

13. Kambi Group. Annual Reports and Investor Presentations. Kambi's public filings as a listed company provide detailed information about the B2B sports betting model, including revenue per operator, technology architecture, and market trends. Their investor presentations offer the most transparent public window into B2B economics.

Regulation and Compliance

14. UK Gambling Commission. Annual Reports and Enforcement Actions. The UKGC publishes detailed annual reports on the state of gambling in the UK, enforcement actions taken against operators, and policy developments. The Commission's approach to responsible gambling regulation has been a model (and cautionary tale) for other jurisdictions. Freely available at gamblingcommission.gov.uk.

15. National Council on Problem Gambling (NCPG). "Internet Responsible Gambling Standards" and Annual Reports. The NCPG provides resources on responsible gambling technology, self-exclusion programs, and problem gambling prevalence. Their work informs the responsible gambling discussion in Section 39.5 and provides data on the effectiveness of various intervention tools.

16. International Betting Integrity Association (IBIA). "Sports Betting Alert Reports" (Quarterly). IBIA publishes quarterly reports on suspicious betting alerts detected across its member operators. These reports quantify the scope of integrity concerns and describe the collaborative monitoring process. Essential reading for understanding the match-fixing prevention ecosystem.

Career Development

17. MIT Sloan Sports Analytics Conference (SSAC). Conference Proceedings and Presentations. The annual MIT Sloan conference is the premier academic-industry intersection for sports analytics. Presentations cover quantitative modeling, data science applications, and industry trends. The conference is a networking opportunity for aspiring sports analytics professionals. Recordings available at sloansportsconference.com.

18. SBC (Sports Betting Community) Events and SBC News. SBC organizes the largest B2B sports betting conferences globally (SBC Summit, SBC Summit North America, ICE London). Their news service covers industry developments, executive appointments, and technology trends. Following SBC provides current awareness of the industry's direction and job market.

Data Sources

19. Legal Sports Report (legalsportsreport.com). The most comprehensive tracking resource for US sports betting legalization, regulatory developments, and monthly handle/revenue data by state. Their state-by-state tracker and monthly revenue reports are essential references for anyone studying or working in the US market. Freely accessible with some premium content.

20. Action Network and OddsJam (odds comparison). These platforms aggregate real-time odds from multiple US sportsbooks, enabling direct comparison of margins across operators and markets. For researchers and bettors, odds comparison data provides empirical evidence of how competition affects pricing and hold percentages. Useful for validating the competition-margin relationships discussed in Chapter 39.

How to Use This Reading List

For readers working through this textbook sequentially, the following prioritization is suggested:

Start with: Levitt (entry 3) for the foundational economics of why sportsbooks operate as they do.
For industry data: AGA State of the States (entry 5) and Legal Sports Report (entry 19) for current US market data.
For regulation: UKGC Annual Reports (entry 14) for the most comprehensive regulatory framework.
For technology: Sportradar (entry 11) and GeoComply (entry 12) for understanding the operational infrastructure.
For career planning: MIT SSAC (entry 17) and SBC (entry 18) for networking and industry exposure.
For historical context: Schwartz (entry 2) for the full sweep of gambling history.

These resources will be referenced again in Chapter 40 as we examine how emerging technologies and structural changes are reshaping the industry described here.