This is the website for an undergraduate course (ECON30580) on the economics of betting markets that I taught at UCD in Spring 2026.

1. Introduction

2. The Past and Present of Betting Markets

3. Basics of Betting Markets: Odds, Margins and Probabilities

4. Risk Aversion and Betting Decisions

5. Beliefs, Betting and the Wisdom of Crowds

6. Pari-Mutuel Betting Markets and the Favourite-Longshot Bias

7. The Book Balancing Myth

8. Information and Market Structure

9. Monopoly and Oligopoly

10. Efficiencies and Favourite-Longshot Bias

11. Applications of the Monopoly Model: Draws, Advertising and Inside Information

12. Field Size and Margins Across Markets

13. Betting with a Point Spread

14. Specials and Free Bets

15. In-Play Bets and Cash Out

16. Betting Exchanges and Prediction Markets

17. The Kelly Criterion

18. Impacts of Gambling and Taxation Issues

19. Regulation of Betting Markets