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Extra info for Decisions : risk and reward
Even the most casual empiricism suggests the significance of this type of motivational impulse to many betting office customers. It is reasonable to suggest that the recently increased sophistication of the UK betting office environment may serve to enhance this phenomenon, most notably, perhaps, via the live televised transmission of races. As Saunders and Turner (1987) note (p. 293): ‘Cable communications plus changes in legislation now provide the potential for visual monitoring of the odds that are automatically adjusted throughout the pre-race period – not to mention the added excitement of actually seeing the race being run’.
I. Schedules and persistence at gambling in the UK betting office’, Journal of Applied Behavioural Analysis, 12: 315–23. Dixey, R. and Talbot, M. (1982) Women, Leisure and Bingo, Leeds: Trinity and All Saints College. Dowie, J. (1976) ‘On the efficiency and equity of betting markets’, Economica, 43: 139–50. E. and Stone, P. (1976) Gambling, Work and Leisure: A Study Across Three Areas, London: Routledge & Kegan Paul. R. and van der Pligt, J. (1988) Attitudes and Decisions, London: Routledge. P.
6. These results serve to reinforce the notion of the S4 subset as the most sophisticated in terms of awareness of and focus on financial gain. Bettors in this subset have an unambiguous preference for horses with a higher degree of favouritism and are evidently reluctant to make selections outside the first three in the betting or with odds of 20/1 or greater. In all three measures of risk, the S4 class differs from the other groups. An interesting additional detail relates to average staking on first favourites versus non-first favourites by this subset.