Ofosu, Albert; Kotey, Richard Angelous

Article — Accepted Manuscript (Postprint)

Does Sports Betting Affect Investment Behaviour?
Evidence from Ghanaian Sports Betting Participants.

Journal of Gambling Issues

Suggested Citation: Ofosu, Albert; Kotey, Richard Angelous (2020) : Does Sports Betting
Affect Investment Behaviour? Evidence from Ghanaian Sports Betting Participants., Journal of
Gambling Issues, ISSN 1910-7595, Centre for Addiction and Mental Health, Toronto, Vol. 43,
pp. 61-83,
https://doi.org/10.4309/jgi.2020.43.5

This Version is available at:
https://hdl.handle.net/10419/215856

Standard-Nutzungsbedingungen:

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen
Zwecken und zum Privatgebrauch gespeichert und kopiert werden.

Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle
Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich
machen, vertreiben oder anderweitig nutzen.

Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen
(insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten,
gelten abweichend von diesen Nutzungsbedingungen die in der dort
genannten Lizenz gewährten Nutzungsrechte.

Documents in EconStor may be saved and copied for your
personal and scholarly purposes.

You are not to copy documents for public or commercial
purposes, to exhibit the documents publicly, to make them
publicly available on the internet, or to distribute or otherwise
use the documents in public.

If the documents have been made available under an Open
Content Licence (especially Creative Commons Licences), you
may exercise further usage rights as specified in the indicated
licence.

https://www.econstor.eu/
https://www.zbw.eu/
http://www.zbw.eu/
https://doi.org/10.4309/jgi.2020.43.5%0A
https://hdl.handle.net/10419/215856
https://www.econstor.eu/
https://www.leibniz-gemeinschaft.de/

Does Sports Betting Affect Investment Behaviour? Evidence from Ghanaian Sports

Betting Participants.

Albert Ofosu1 and Richard Angelous Kotey1

1Department of Finance, University of Ghana Business School, Legon, Accra, Ghana

Ghana

Abstract

The study sought to assess the impact of sports betting on the investment behaviour of

Ghanaians, focusing on sports betting centers within the Accra Metropolis, Ghana. The

objectives of this observational study were to determine how individuals perceive the risk

of sports lotteries as opposed to investment, to determine if sports lottery was viewed as an

alternative to investments and savings, and to understand how participation in sports

lotteries affects individuals’ ability to save and invest. In adopting a survey approach, 99

sports betting participants across selected betting centers were examined using

questionnaires and the data subsequently analyzed through cross-tabulations. The study

found that sports betting behaviour had a complementary rather than a substitutionary effect

on investment behaviour. The participants were both risk-aware and risk-averse but

engaged nevertheless in betting for a chance of winning a high payoff. Thus, the findings

demonstrated that sports betting participants viewed betting as a means to an end, a chance

to improve their financial circumstances, rather than as a substitute for investing, and

exhibited understanding of a clear distinction, with regards to behaviour, towards investing

and sports betting. In return for a substantive payoff, the respondents were willing to stop

sports betting, thereby indicating that the financial payoffs were the main motivation for

sports betting. The findings also provided evidence that individual sports betting behaviour

can be moderated by influencing one’s financial circumstances.

Keywords: sports betting, investment behaviour, football gambling

_____________________________________________________

1. Introduction

Over the last decade, sports betting or gambling has gradually become a dominant part of

the African sports culture, with many sports betting outlets having come into existence

(Akanle & Fageyinbo, 2019; Herskowitz, 2016). Tolchard, Glovah and Pevalin (2014)

explain this development. Western gambling superpowers have recognized new

opportunities in emerging markets and are consequently developing products to meet those

opportunities. It is worth noting, for the purposes of our study, that the majority of these

betting outlets appear to be situated in poor areas within the city or low-income earning

areas or suburbs.

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

The Gambling Regulations Act (2003)1, introduced through Victorian legislation and

regulation, purports to define a framework in which an act can be deemed Sports Betting

(SB). The Act qualifies sports betting as the act of placing a financial wager on the outcome

of a specific sporting match or on events that occur within the larger context, match or

fixture ("Gambling legislation and regulations", 2018). In the African context, Unibet, a

sports betting company, defines SB as placing a bet on the outcome of a match, and lists

various types of SB, such as match betting, double chance, handicap betting, Asian

handicap and others (“How to bet on football”, n.d.).

SB includes gambling at betting outlets on the outcome of sporting events, via the Internet

or through football tipping. In Africa, few regulations are in operation on sports betting as

SB is relatively new to the continent. In most African economies, SB is generally regulated

by pre-existing lottery-type regulations.

The earliest form of SB was on horse races which were big sporting events that attracted

masses of persons. In the early 1990s, people attended horse tracks to place bets. Later,

bookmakers began taking bets over the telephone and, later still, via the Internet. Gradually,

as European football matches became more and more popular, people began to bet on the

matches, and with technology improving communication methods, SB grew along with it.

In the United Kingdom alone, between 2010 and 2011, proceeds from gambling amounted

to £5.5 billion and, more than half of that (53%) was attributed to SB (Mao, 2013).

In Africa in general and Ghana in particular, the story is the same. Aflakpui & Oteng-

Abayie (2016) established that SB has seen a significant rise in the African continent in the

last two decades. Wangari (2018) also studied sports betting frequency among the Ghanaian

youth, here specifically within the ages 17–35, and found that about half of them (48%)

place a bet at least once a month (see Figure 1). Kamara (2016) in his report on SB in

Africa, revealed that SB is the main gaming operation in Ghana. His findings determined

that Ghana maintains about ten sports betting outlets that use both online and retail

platforms to operate. On average, these SB companies make a Net Gaming Revenue (NGR)

of $3.5m per month, with 17.5% taken by the government in taxes. The betting outlets are

regulated by the National Gaming Commission (NGC), which was established by the

Gaming Act 2006, Act 721.

1 Developed by the Victorian Comission for Gambling and Liquour Addiction, Autralia. See

https://www.vcglr.vic.gov.au/gambling/gaming-venue-operator/understand-your-gaming-licence/gambling-

legislation-and-regulations

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

Figure 1. Betting Frequency in Ghana based on data from Wangari (2017).

High levels of poverty linked with high unemployment, low-income levels, and low

investments, have plagued many parts of the African continent (Kombui & Kotey, 2019;

Kotey, 2019). The issue has mostly been tackled from a policy perspective. With the recent

interest of Ghanaians in SB, a critical need exists to examine investment behaviour in light

of alternative channels, such as SB. This study thus seeks to fill the gap by examining how

sports lottery in Ghana affects the financial attitude, in particular the investment behaviour

of the Ghanaians who engage in them.

2. Research Problem

The increasing popularity of European football has come with an increase in sports-related

betting. This trend can be observed around the world where sports are appreciated. In the

African context, increased access to technology as well as mobile phone penetration has

opened more avenues for sports-related betting which were hitherto not there. In the

Ghanaian context, online SB has become predominant among the male populace, who

mostly are sports or football enthusiasts. Through technological improvements and

infrastructure, sports betting engagements have become simple and easy for these groups.

These SB participants can place bets within seconds on mobile devices or at betting centers.

The bets range from the number of goals scored to fouls. Essentially, any form of

uncertainty in any sports can be bet on.

Aflakpui et al. (2016) examined the demand for sports lottery in the city of Kumasi, a city

in Ghana, using data from four hundred interviews. Their results indicated that 92% out of

the 96% of adult males interviewed engaged in some form of sports lottery. These

respondents were within the age bracket of 21–40 years. The data also revealed that 53.6%

of those participants engaged in sports lottery were reported to be unemployed although a

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

majority of them (67.2%) were first degree holders. This finding suggests a significant

amount of Ghanaian youth engages in SB and this paves way for our research to further

examine SB on investment behaviour.

The recent upsurge in the number of established betting centers or outlets in African

economies like Ghana does confirm a rise in the demand for SB (Tagoe, Yendork, &

Asante, 2018). Tolchard et al. (2014) have suggested this increment to be because of

gambling superpowers taking advantage of new demand in emerging economies. With data

penetration and telecom infrastructure improving sporadically, betting companies like

MyBet, Supabet, Soccabet, and Eurobet among others have the leverage to affect a wider

audience thereby effectively building the betting industry. Ghana has a total mobile data

subscription of 34.57 million and a penetration rate of 119% (Jumia, 2019). This

infrastructure has created the opportunity for online sports betting to thrive.

With the high incidence of unemployment and low-income levels in Ghana, investment and

savings have been widely encouraged as a means to increase financial inclusion and reduce

poverty (Kombui & Kotey, 2019; Kotey & Abor, 2019; Mwakajumilo, 2011). More studies

have examined the impact of savings and investment culture and financial inclusion through

financial independence (Cohen & Nelson, 2011; Finlayson, 2009; Lusardi, Mitchell, &

Curto, 2010). With the significantly high payoffs from sports betting, evidence exists to

suspect betting participants may view betting as an investment tool. But, so far, to the best

of the authors’ knowledge, the literature on this subject is virtually non-existent: no one has

actually looked at the effect of or the influx of sports betting on investment behaviour and

savings. Thus, from a contemporary perspective, only scant proof can be found on the

relationship between investment and sports betting. This paper is unique in that it seeks to

fill this gap by examining sports betting contextually and how it affects investment

behaviour. Specifically, the study delves into how individuals perceive the risk of sports

lottery as against traditional investment, examining whether participation in sports lottery

affects individuals’ investment behaviour. It seeks to determine whether a sports lottery

includes a substitutionary or complementary effect on participants’ willingness to invest

and save.

3. Literature Review

Empirics have examined sports lottery or betting in different contexts and perspectives.

Certain authors have looked at it as a panacea for growth and development. Zhou and

Zhang (2015) demonstrated that sports lottery promotes economic and social development

through the provision of employment, boosting of consumer spending, generation of tax

income, and promotion of various industries, such as communication, transport,

manufacture, finance, and advertisement. Other researchers and groups have looked at it in

a negative limelight associating sports betting to encouraging vices. The National Gaming

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

Impact Study Commission2 (1999), for example, has presented findings that support the

notion that sports gambling leads to specific gambling additions linked to other vices, vices

which reduce one’s standard of living and well-being.

The idea of SP as an avenue for growth in countries remains controversial, with activists

establishing strong arguments for and against this view. The International City Managers’

Association (ICMA, 2010) put forward that SB is now legally recognized by several

governments. These governments that have ensured that the industry is well regulated to (1)

maximize economic benefits, and (2) limit any fraudulent activities. In certain jurisdictions,

sports betting has been a source of income and employment, and a contributor to economic

development. A similar view by Koven and Lyons (2010) established that, in countries

where SB is legalized, betting taxes fund government projects. According to the

Rockefeller Institute, revenue from gaming in those states where the activity is legalized

has increased steadily over the last decade, rising as high as over $1.5 billion per year. The

institute also argued that SB constitutes a means of boosting tourism. As such, not

legitimizing SB only diverts the potential tax revenue to either illegal gambling operations

or other countries where it is legal.

Other arguments against SB have been based on religious and social grounds. Again, the

National Gaming Impact Study Commission (1999) has reported that, despite the

contributions to growth, dire potential negative consequences did nevertheless exist in

encouraging the practice. SB, the Commission added, can become an obsessive habit, one

that negatively affects the financial standing of gambling addicts. These individuals usually

lose their ability to save and run into huge debts. The Commission put forward that the

analysis of economic benefit derived from SB was poorly developed and incomplete. This

analysis, the Commission continued, did not consider the social costs that must be

considered in assessing the net benefits of SB. Such costs can justifiably be viewed from

both individual and societal perspectives. The Commission listed the following as negative

behaviours associated with SB: family abuse, suicide, truancy, poor academic performance,

money laundering, alcohol and drug use, with poverty a frequent product of one or more of

such behaviours. From the societal point of view, gambling leads to neighbourhood crime,

and increases both prostitution among women and high school dropout rates. Countries that

are faced with these consequences would have their economic progress impeded because

education is a significant factor in poverty alleviation in an economy.

In countries where SB is legalized, revenues generated in the form of taxes from SB

companies and betting gains have been used to facilitate several developmental as well as

welfare projects. In China, for instance, revenue generated from SB was allocated for sports

development with 60% proceeding towards the implementation of the “National Fitness

Plan” and the remaining 40% contributing to complementary financing of the “Olympics

2 The National Gaming Impact Study Commission was an independent public advisory commission

established in the United States on 3 August, 1996 to study the social and economics impact of gambling. See

their full report here: https://govinfo.library.unt.edu/ngisc/reports/fullrpt.html

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

Glorious Program” (Li et al., 2012). In other countries, revenues have been used for sports

programs, such as sports infrastructure. Revenue from SB for governments is essentially

explicit, though an implicit taxation system may also operate (Clotfelter & Cook, 1987;

Clotfelter & Cook, 1990; DeBoer, 1986). Over the years, the traditional perception of SB

being an unhealthy activity has been disproven by countries that have, through effective

game regulation, raised funds development (McGowan, 1994).

Li et al. (2012) also established that sports lottery could be in two forms: formal and

informal. In the informal context, friends bet on the outcome of a game by naming a prize

for the winner. The formal lottery is usually organized by sports betting companies where

the subscribers place a wager on the game. Humphreys and Perez (2010) noted that a

positive correlation operated between sports lottery and sports spectatorship. These authors

added that supporters of football patronize sports lotteries because of their allegiance

towards the respective particular teams. Jones et al. (2004) were of the view that betting

hubs offer customers the opportunity to place a financial wager on the outcome of an

uncertain event usually a game of soccer. The authors added that another noteworthy

segment of sports lottery is the “betting exchange,” where customers are offered the chance

to bet against other subscribers. In a betting exchange, a broker matches two subscribers,

and the winning party secures the agreed price.

With regard to the investment part of this study, the researchers followed notable authors in

the field, and modelled their research to reflect their perspectives on investment behaviour

accordingly. These authors have defined investment behaviour as how people analyze,

predict and review methods for decision making. These methods include information

gathering, research and understanding of the markets (Grinblatt & Keloharju, 2000;

Jorgenson, 1963; Slovic, 1972). Different scholarly works discuss the impact of sports

lotteries on investment behaviour. Dupas and Robinson (2013) noted in their paper that the

lack of savings culture limits the money available for investments. As such, people move

towards sports betting, as it requires little income to patronize and offers a reasonable

return.

Even though the tone of this research leans slightly towards the view that SB has a negative

effect on individuals, scientifically, this study adopts a purely neutral stance. Specifically,

the study focuses on the investment behaviour of SP participants, examining whether their

SB behaviour affects their investment behaviour. With regard to investment behaviour, the

authors follow the notable empirics to measure investment behaviour from a decision-

making point of view, matching sampled responses against rational investment choices.

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

4. The Ghanaian Lottery Landscape

The Lottery industry in Ghana has been in existence for over six decades. The National

Lottery Authority (NLA), the main regulatory body, was established under the auspices of

the Department of National Lotteries in 1958 to assist and regulate raffles for the public.

The Lotteries Betting Act (Act 94) was passed in 1960 to commence the lottery business,

with the intent of promoting economic development and generate revenue ("NLA |

Development through games", n.d.). The NLA was originally called the Department of

National Lotteries (DNL), and held a legal monopoly on the organization of lotteries in

Ghana. Over the years, the NLA has ensured compliance, and preserved a solid working

environment for both lotto operators and subscribers (ibid). The traditional lottery kiosk has

been the main modus operandi for lottery in Ghana, but in recent times, because of

technological advancement, subscribers now use the online sports betting platforms.

Several sports betting hubs have sprung up in popular areas throughout the country.

Although certain studies (Appiah & Awuah, 2016; Glozah, Tolchard, & Pevalin, 2019)

have posited that sports betting was foreign and unwelcome in Ghana because of its strong

religious background, and that betting was seen as a social vice perpetuated by people with

low moral values. However, the moral compass is gradually shifting. This perception began

to change in 2014, when one of the major betting organizations in Ghana, Supabet, signed a

deal to sponsor Kumasi Asante Kotoko, one of the major football clubs in Ghana.

Currently, sports lottery has become increasingly popular, appealing to different social

classes.

Sports betting, like any other game of chance, needs to be regulated properly to prevent the

possible negative effects it can have especially the male populace. The Gaming

Commission is a state-owned corporation, which has carved out a dominant position in

Ghana. Kaku (2017) put forward that the NGC maintains a monopoly status, one which has

led to a steadily growing business because of the increase in Sports Lottery businesses

across board. Gambling in Ghana can be grouped in two main categories: lottery as one

division and all other games of chance as another. The NGC was formed based on the

Gaming Act 2006 (Act 721)3 to monitor, control, and regulate activities of Games of

Chances in Ghana. The Commission issues licenses and permits to operators who have met

the necessary requirements. The NGC generates revenue for the economy through taxes and

fees from sports betting hubs, casinos, promotions and operators. The NGC was also set up

to protect the public from fraudulent entities that engaged in gaming activities. The Ghana

News Agency (2018) has mentioned that the Commission of gaming intends to roll out

initiatives to strengthen gambling in the economy. The NGC would migrate from its manual

operations to a digitized platform to ensure compliance and monitoring of tax payment by

licensed operators. The Commission, in collaboration with the Ghana police, is now

actively working to confiscate slot machines of illegal operators in Ghana.

3 Gaming Act 2006, (Act 721) establishes the National Gaming Commission and legalizes all forms of Games

of Chance in Ghana except Lottery. See https://www.mint.gov.gh/agencies/gaming-commission-of-ghana/

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

5. Factors influencing Sports Betting

A number of factors were determined to produce an effect on sports betting. A distinct view

by H. Li et al. (2012) posited three main classifications for the various determinants of

sports betting. The researchers included consumer characteristic variables, marketing

variables, and product attribute variables. Product attributes include the jackpot, prize

structure, and effective price, while consumer characteristics include demographic factors,

such as income, age, sex, religion and ethnic background. The last classification, which

composes the marketing variables, consists of accessibility of the venue, competition,

product substitution and social responsibility marketing.

Income and Age

Humphreys and Perez (2012) determined income to be a major factor, one that influenced a

person’s decision to engage in sports betting. The researchers performed a comparative

study among different races and cultural groups in America, including Hispanics, black

Americans, and white Americans. The empirical results demonstrated that the household

median was lesser than the income of an average sports bettor. The researchers also found

that the older generation engaged less in SB as compared to the younger generation because

the younger one, because of its overall financial situation, is able to take more risk. The

older generation is limited by family responsibilities and conservative in their investment

decisions. A higher probability is that people with low-income levels will engage in betting

than those with higher income levels. Grote and Matheson (2011) expressed the notion that

income, income changes and poverty levels affect the demand for SB. Their study indicated

that bettors earning lower-level income spent greater percentages of their earnings on

lottery products. Other schools of thought opposed the notion that lesser income resulted in

increased demand for lottery. For example, Mao (2013) posited that in China people with

higher income levels had a higher demand for sports lottery.

Educational Level and Gender

Perez and Humphreys (2013) put forward the idea that a negative relationship operates

between education and sports lottery. People with a strong educational background were

less likely to engage in sports betting and vice versa. Through their findings, the researchers

proved that sports betting was popular amongst the Black and Hispanic male populace.

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

Effective Price

Clotfelter and Cook (1987) identified Effective Pricing as a factor that could influence SB.

The authors explained that two different prices function within the SB market: (1) Nominal

Price, that is, the price of the lottery ticket, and which is usually a small amount (e.g., one

dollar), and (2) Effective Price, defined as the cost of buying a probability distribution of

prizes that has expected value of one dollar (p. 113). Another study, by Gulley and Scott

(1993), was consistent with this view. It is assumed that players form a rational mental

image of the effective price and make their purchasing decisions based on it. However,

Gulley and Scott also emphasized that this perspective was in fact improbable. To calculate

the effective price when they wager, players would need to command a strong cognitive

and complex mathematical mind—unlikely given the time involved in placing bets and the

low cost of the ticket.

Jackpot Pool

An additional factor that influences SB is the concept of Jackpot Pool (Clotfelter & Cook,

1991; Forrest, Simmons, & Chesters, 2002; Garrett & Sobel, 1999). The proponents of this

factor argued that, rather than the expectation of winning the prize lottery, players instead

focused on the dream of winning. Thus, players are attracted to bet because of the dream of

winning the largest prize money or owning the winning ticket.

Game of Attractiveness

Yet another factor put forward by Breuer, Riesener, & Salzmann (2014) is the Game of

Attractiveness. The proponents stipulated that the attractiveness of a game (or gamble)

influences the demand for it. The proponents explained that SB offers its subscribers, aside

from monetary utility, non-monetary satisfaction. The researchers added that certain

subscribers engage in SB to serve as an emotional hedge against a disappointing or

unsuccessful investment outcome. Paul and Weinbach (2010) and García, Pérez, &

Rodríguez (2008), in analyzing a two-year aggregated betting volumes of three major

online sportsbooks (2008–2009), found similarities between betting behaviour and

supporter behaviour. The researchers found that key supporter-type attributes, such as

television coverage, or quality of players or teams, had a positive and significant effect on

the betting volume.

Mao (2013) also discovered that the marketing strategy used by sports betting agencies

affected the demand for sports betting, adding that popular leagues and games attracted

more bets. Examples included matches in the German Bundesliga and English Premier

League. Both leagues attracted more bets than in the less popular ones. Statistics from the

study demonstrated that sales increased by 60% during these football seasons while sales

decreased by 30% during performances by unpopular leagues.

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

6. Theoretical Framework

The study rests principally on the Expected Utility Theory (EUT) and the Optimal Capital

Accumulation Theory as the main theoretical underpinnings. The EUT was developed by

Friedman and Savage (1948). This framework is an extension of the Bernoulli Utility

Function. In a nutshell, the Bernoulli Utility Function categorizes investors into three

clusters, specifically (1) risk lovers, (2) risk-neutral participants, and (3) risk-averse

participants. The Expected Utility Theory validates why people prefer to consume a risky

commodity, such as a lottery, when one is uncertain about his or her chances of winning.

The theory also explains why people would engage in sports lottery so long as their

expected utility is higher than the utility of expected income.

According to Friedman and Savage (1948), an individual can display all the above

characteristics at the same time. The EUT works to delineate more clearly how a person can

place a bet while also undertaking an insurance policy. The proponents establish for

themselves that persons who are involved in risky consumption (e.g., lotteries) possess a

utility function of convex and concave segments.

To justify investment behaviour, the authors leaned towards the theory of optimal capital

accumulation as the underlying theory. Rooted in the Neoclassical Framework, Jorgenson

(1963, 1967) posited that capital accumulation was principally based on one’s objective of

maximizing the utility of a stream of consumption. Thus, the need to delay or not to delay

consumption is based on one’s need objectives towards utility. To accumulate capital, an

individual must therefore defer immediate consumption.

7. Conceptual Framework

The conceptual framework the study adopted examined the link between sports betting, its

associated risk and rewards, and the perceived influence on investment behaviour (see

Figure 2). The researchers postulated that SB may influence investment behaviour through

two channels: (1) by SB being an investment channel in itself, and (2) where SB influences

investment behaviour through the risk and rewards channel. In simple terms, the study

inquires, from betting respondents, the reason for SB, and whether SB behaviour affects the

decision to save or invest personal capital.

Sports Betting

Risk / Reward
Perception

Savings / Investment
Decision Investment Behaviour

Figure 2. Conceptual Framework

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

8. Methodology

The research design incorporated a quantitative approach using a questionnaire survey,

which is a more effective measurement tool for studies of this nature (Vogt, 2007).

Principally, the research study used open and closed research questionnaires to solicit

primary data from SB respondents. The research examined the respondent’s perception—

that is, his level and understanding—of risk and investment, and whether gambling

influences this understanding.

The research population was sports betting persons within SB outlets in and around the

Greater Accra Region (see Table 1). To collect the data, the researchers visited various

sports betting centers within Madina, Lapaz and Kantamanto, and handed out the

questionnaires directly to the individuals who were engaged in SB. As a sampling

approach, the researchers adopted a stratified sampling method to select respondents from

the various sports betting centers. This choice of sampling was influenced by the need to

ensure the dataset adequately captured all sub-groups pertinent to the research (i.e., ensure

that the data represents a meaningful representation of the various betting centers). Because

of the perceived reluctance from respondents and other difficulties, the sample size was

conveniently set at 140 respondents, made up of 4 strata, with each stratum (representing a

betting center) consisting of 35 responses. Out of this number, 99 of the responses were

successfully retrieved, then analyzed through SPSS. The findings follow. The researchers

aimed to reduce the margin of error of the data by collecting data from participants who

were betting at the SB center at the time the data were collected.

Table 1 Sampling groups

Sports betting center Sample size

Supabet 35

Mybet 35

Soccabet 35

Euro bet 35

Total 140

9. Results and Discussion

In Ghana, a stigma is still attached to betting. Certain of the SB participants we contacted

therefore felt uncomfortable sharing information about their betting behaviour even though

they were assured of anonymity. This situation made it particularly difficult to collect the

data pertinent to this research because most of the gamblers consulted were not willing to

participate in the research at all. The authors received consent to publish names of the SBs

used for the study. Data used for this research were collected within the sport betting

centers and a formal permission was sought before the researchers were given full and final

permission.

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

A total of 99 respondents from MyBet, SupaBet and Soccabet sports betting centers

provided data for the research. In examining the gender distribution, the researchers found

that the number of males at the centers was greater than the number of females. This

statistic provides evidence that sports betting in Ghana is generally a man’s world. Majority

of the respondents were also single, as compared to married, divorced and widowed. What

was more, most of them did not hold the responsibility of taking care of a family. Thus, the

data indicated that the vast majority of those who engage in sports betting are single men.

The ages of the sport betting respondents confirm that the respondents are mostly

unmarried. The data indicated too that the majority of the respondents (64%) were between

the ages of 18 and 24 years, and those within this age group were twice as much as those

above it. This was a finding which supports the idea put forward by Humphreys and Perez

(2012) that older generations have family commitments and are therefore more

conservative in their investment decisions. Members of such generations are thus less likely

to engage in SB.

Again, following from Perez and Humphreys (2013), the authors anticipated that poverty

and the lack of education would be the two reasons why many of the youth in Accra took to

sports gambling. But the data disproved this. The data instead demonstrated that most of the

respondents were in fact well educated, with over 60% of the respondents having either

attained a secondary or tertiary education. About 13% also had junior level qualifications.

The researchers found that even without asking, many respondents indicated that they

engage in sports betting because the jobs are available to them are insufficient in number.

Consequently, the participants considered themselves obligated to gamble as success in

gambling would improve their financial situation.

Frequency of betting

As shown in Table 2, the questionnaire asked if the respondents were sports lovers. The

proportion and number of Yes responses (93%) indicated that most sport betting

participants maintained a strong psychological attachment to sports, and that that is why the

respondents engaged in SB. Also, most of the participants engaged in sports betting

frequently. Most of them claimed they bet mostly on a weekly (55%) and daily (31%) basis.

The proportionally least of the respondents said they bet on a monthly basis.

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

Table 2 Data results I (N=99)

Item/Question Percentage

Gender

Male 97

Female 3

Marital Status

Single 82.8

Married 8.1

Divorced 3

Widowed 1

No response 5.1

Age groupings

18-24yrs 63.6

25-34yrs 30.3

35-44yrs 4

45-54yrs 2

Level of formal education

Primary 7.1

Junior high 13.1

Senior High 48.5

Tertiary 28.3

Professional qualification 3

Are you a sports enthusiast?

Yes 92.9

No 6.1

No response 1

How often do you bet on football?

Daily 31.3

Weekly 54.5

Monthly 2

No at all 11.1

No response 1

Do you bet on other sports apart from football?

Yes, I do 45.5

No, I do not 52.5

No response 2

Have you ever won any sports bet?

Yes 81.8

No 15.2

No response 3

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

The data also revealed that the respondents engaged in other forms of betting aside from

football betting. Such betting included casino games, horse racing, archery and other virtual

games. All the games were displayed on television sets installed within the centers. Other

games were computer-based. To bet, customers used computers which were made available

at the centers. The computer-based betting was online and in real-time, and, through the

placement of bets, customers competed with other gamblers globally.

Sports Bets Payout Ratio?

When respondents were asked whether they do in fact win any of the bets they place, more

than 80% replied they had won at least one sports bet. The fact that the respondents do win

occasionally explained why the respondents do bet regularly. It is worth noting, though that

the matter is not the focus of this study, that the regular wins misled the respondents in

believing they accrued more money than they had put in. Las Vegas, the understood

contemporary home of professional gambling, maintains a 95% payout rate, which actually

means that an average gambler loses 5% of monies invested.

The questionnaire asked the respondents how much money they won out of the bets they

had staked. The data indicated that the payoffs were extremely high (see Table 3). The

participants purported to have won on average 21 times more money than they had put in.

The higher payoffs attracted the respondents to SB. The high payoffs, however, were

unevenly distributed, in that few persons won extremely high amounts, whereas the rest

won nothing.

Table 3 Payout ratio

Sports betting: Addiction or Necessity?

About 70% of the respondents agreed that sports betting was risky while the remainder of

the participants did not. The questionnaire also included a number of scenario-based risk

assessment questions that sought to examine respondents’ risk perception and behaviour.

The scenario questions also worked to capture respondent’s investment behaviour against

betting behaviour.

The questionnaire asked the respondents what they would do having received a large sum

of money. The majority of the respondents (about 72%) replied they would invest in

treasury bills rather than bet with their respective winnings. A cluster of the respondents

Item Ghc

Total Stakes or bets 11,975.00

Total Wins 257,274.00

Ratio of bets to wins 21.48

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

making up 18% of the sample also indicated they would invest half of the winnings, and

save the rest. This finding suggests that, ordinarily, if the participant had enough money, he

or she would not then gamble with it. The respondents perceived gambling as a means or

necessity to attain the riches for which the respondents hoped. This finding demonstrated

that the participants engaged in SB because of the expected monetary utility from gambling

and not for any non-monetary gain, a finding which refutes the game of attraction

postulated by Breuer et al. (2014).

As a follow-up, the questionnaire asked the respondents if they would stop gambling if a

large sum of money was given to them (see Table 4). The data revealed that most of the

respondents (72%) would stop gambling if the respondents did in fact receive a sizeable

sum of money—that is, enough to meet their needs. Upon interacting with certain of the

respondents, they expressed financial need as the main reason, coupled with a lack of jobs

as to be why they bet regularly. The respondents believed, through gambling. they could

turn around their financial needs. Evidence exists to suggest that those respondents who

participate in sports betting are doing so for the sake of winning a huge amount of money,

and not necessarily as an investment, or as part of a savings habit, or because they enjoy

doing it.

Table 4 Data Results II (N=99)

Question Response option Frequency (%)

Do you see sports betting as very

risky or not?

Yes, it is very risky 69.7

No, it is not 27.3

No response 3

If you had GHC 10,000, what

would you do with it?

I would invest it in treasury

bills or other investments.

71.7

I would most likely spend it. 3

I will bet it on sports so I

would triple the money.

I would save half and bet the

rest on sports.

18.2

No response 3

If you are asked to stop sports

betting and receive GHC 10,000,

would you do it?

Yes, I would 71.7

No, I would not 23.2

No response 5.1

How do you feel when

participating in sports betting?

I feel great 26.3

I feel anxious 19.2

I feel confident 31.3

I feel very scared 16.2

No response 7.1

Do you have any investments

elsewhere?

No, sports is my only

investment.

28.3

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

Yes, I have investments

elsewhere and I use the

profits to bet on sports.

20.2

Yes, I have other investments

that I do not use for sports

betting?

45.5

No, I do not have any other

investments because I do not

need one.

No response 3

Which of the following are you

able to do more because of

betting?

I am able to save more from

my betting gains.

30.3

I spend more of my money on

betting, one day I will win

big.

36.4

I am able to have a more

fulfilling and happier even

though I do not win all my

bets.

24.2

No response 9.1

Investment Behaviour

The questionnaire asked the respondents how they felt each time they engaged in betting.

More than half of the respondents expressed enthusiasm, claiming they felt confident about

themselves when betting on sports. Those gamblers who expressed negative emotions, such

as anxiety and fear when sports betting, were in the minority relative to their fellow

gamblers.

The authors then determined whether the respondents had had other investments, or if they

put them into betting, or both. The data revealed that the larger chunk of the respondents

had investments elsewhere, ones they did not put into sports betting. That finding accounted

for close to half of the respondents. But 20% of the respondents indicated they held

investments elsewhere, the profits of which they put towards sports betting, while another

28% of respondents claimed their only investment was in sports betting.

Respondents Expectation from Sports Betting

When the researchers asked respondents their expectations from sports betting, 36% of the

participants indicated they wanted to put more money into their betting, with the hope of

substantial future winnings. About 30% of the respondents claimed they were able to save

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

more of their betting gains. Other respondents expressed personal fulfillment even though

they had not expected to win all their bets.

Cross tabulations

In examining the respondents’ interest in sports as against their investment decisions (see

Tables 5 and 6), the researchers found that respondents who were sports supporters would

consider investing in treasury bills if they possessed a lump sum of money. The SB

enthusiasts who said they would bet the money on sports were extremely small in number.

The respondents who claimed they were not sports enthusiasts were negligible, and more

than that half of that number still opted to invest in a T-bill. This finding, coupled with the

earlier discoveries, indicated that the respondents, although SB participants, when given a

lump sum would behave differently than expected (i.e., invest the monies in a less risky

venture). Such a finding implied that the betting behaviour and investment behaviour of the

respondents were different relative to each other, and that the former does not influence the

later.

Table 5 Cross-Tabulation I

Item

If you had GHC 10,000, what would you do with it?

Total

frequency

I would

invest it in

treasury bills

or other

investments.

I would most

likely spend

it.

I will bet it on

sports so I

would triple

the money.

I would save

half and bet

the rest on

sports.

Are you a

sports

enthusiast?

Yes 69 2 4 17 92

No 2 0 0 1 3

Total frequency 71 2 4 18 95
Note. The table cross-examines the data from two items from the study questionnaire. “Are you a

sports enthusiast?” is presented in a horizontal manner (row form) while “If you had GHC 10,000,

what would you do with it?” is presented vertically (column) form.

When the authors cross-tabulated the data on those gamblers who (1) were sports

enthusiasts, and (2) had investments elsewhere, the data demonstrated that, of the sports

enthusiasts, more than half had other investments. They did not use these investments for

SB.

The findings demonstrated that, even though the respondents engaged, in SB which is

exceptionally risky, when it came to investing, they preferred investments that that did not

carry as much risk. Also, the respondents separated their real investments from their sports

betting. The respondents perceived sports betting as a means to make great gains that they

would then invest elsewhere.

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

Table 6 Cross-Tabulation II

Item

Do you have any investments elsewhere?

Total

frequency

No, sports is

my only

investment.

Yes, I have

investments

elsewhere and

I use the

profits to bet

on sports.

Yes, I have

other

investments

which I do

not use for

sports

betting?

No, I do not

have any

other

investments

because I do

not need one.

Are you a

sports

enthusiast?

Yes 27 19 43 2 91

No 0 1 2 1 4

Total frequency 27 20 45 3 95
Note. The table cross-examines the data from two items from the study questionnaire. “Are you a

sports enthusiast?” is presented in horizontal (row) form while “Do you have any investments

elsewhere?” is presented in vertical (column) form.

10. Conclusion

The study sought to assess the impact of sports betting on the investment behaviour of

Ghanaians, focusing on selected sports betting centers within Accra. Data from 99

respondents, all of whom participated in SB, were used for the study.

The findings determined that majority of the respondents who engaged in sports betting

were well-educated, with most of the respondents having attained formal education at the

secondary and tertiary level, with most of the respondents die-hard sports supporters who

bet regularly on a daily and weekly basis. Majority of the respondents were not married,

and were young men. The payoffs from the bets could be as high as 21 times the stake.

When it came to risk perception, the researchers found that the respondents were well

aware of the risks associated with sports betting. Most of the respondents proved to be risk-

averse, preferring to invest in a treasury bill if they were in command of a lump sum. The

respondents demonstrated evidence of understanding the risky nature of sports betting, and

owned investments elsewhere, with which they refused to gamble. Also, most of the

subjects opted to stop sports betting if they were given a lump sum, in this case, Ghc

10,000, a finding which demonstrated that they viewed gambling as a means to an end, a

form of financial gain.

The participants also revealed more general confidence than did those persons in the larger

society who were not gamblers. Negative emotions, such being afraid or anxious, were

extremely minimal with the respondents who engaged in sports betting. When the

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

respondents were asked what they would do after betting, most of them indicated they

wanted to continue to bet in order that they might invest their winnings. Thus, the research

demonstrated that those respondents who engaged in SB distinctively separated their

betting from investment. The respondents perceived SB as a means to an end, one to make

money, which they planned in turn to invest elsewhere. SB participants did not see SB as a

substitute for investment, but rather as a complement towards becoming financially stable.

In implementing macro-level decisions or policies that affect sports betting in the country, a

strong grasp of this complementary effect is necessary to achieve the desired results.

References

Aflakpui, A. A., & Oteng-Abayie, Eric F. (2016). The demand for sports lottery: Evidence from the

city of Lumasi in Ghana. Journal of Gambling Business and Economics, 10, 46–67.

doi:10.5750/jgbe.v10i2.1173. Retrieved from:

https://www.researchgate.net/publication/310163848_THE_DEMAND_FOR_SPORTS_LOTTERY

_EVIDENCE_FROM_THE_CITY_OF_KUMASI_IN_GHANA

Akanle, O., & Fageyinbo, K. T. (2019). European football clubs and football betting among the

youths in Nigeria. Soccer & Society, 20, 1–20. doi:10.1080/14660970.2016.1267625

Appiah, M. K., & Awuah, F. (2016). Socio-cultural and environmental determinants of youth

gambling: Evidence from Ghana. British Journal of Psychology Research, 4, 12–23. Retrieved

from: https://www.researchgate.net/publication/326408742_SOCIO-

CULTURAL_AND_ENVIRONMENTAL_DETERMINANTS_OF_YOUTH_GAMBLING_EVID

ENCE_FROM_GHANA

Breuer, W., Riesener, M., & Salzmann, A. J. (2014). Risk aversion vs. individualism: What drives

risk taking in household finance? The European Journal of Finance, 20, 446–462.

doi:10.1080/1351847X.2012.714792. Retrieved from:

https://www.researchgate.net/publication/228293075_Risk_Aversion_vs_Individualism_What_Driv

es_Risk_Taking_in_Household_Finance

Kaku, D. (2017). Legalise Banker-to-Banker Lottery Operations - Group Tells Government.

Retrieved 22 December 2019, from https://www.modernghana.com/news/803681/legalise-banker-

to-banker-lottery-operations.html

Gambling legislation and regulations. (2018). Retrieved 20 December 2019, from

https://www.vcglr.vic.gov.au/gambling/gaming-venue-operator/understand-your-gaming-

licence/gambling-legislation-and-regulations

Glozah, F. N., Tolchard, B., & Pevalin, D. J. (2019). Participation and attitudes towards gambling in

Ghanaian youth: An exploratory analysis of risk and protective factors. International Journal of

Adolescent Medicine and Health. doi:10.1515/ijamh-2018-01754

Grote, K., & Matheson, V. A. (2011). The economics of lotteries: A survey of the literature (Faculty

Research Series No. 11-09). Worcester, MA: Department of Economics, College of the Holy Cross.

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

doi:10.1093/oxfordhb/9780199797912.013.0033. Retrieved from:

http://college.holycross.edu/RePEc/hcx/Grote-Matheson_LiteratureReview.pdf

Clotfelter, C. T., & Cook, P. J. (1987). Implicit taxation in lottery finance. doi:10.3386/w2246 .

Retrieved from: https://www.nber.org/papers/w2246.pdf

Clotfelter, C. T., & Cook, P. J. (1990). On the economics of state lotteries. Journal of Economic

Perspectives, 4, 105–119. doi:10.1257/jep.4.4.105. Retrieved from:

https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.4.4.105

Clotfelter, C. T., & Cook, P. J. (1991). The “gambler’s fallacy” in lottery play. doi:10.3386/w3769.

Retrieved from: https://www.nber.org/papers/w3769.pdf

Cohen, M., & Nelson, C. (2011, November 14–17). Financial literacy: A step for clients towards

financial inclusion. Paper presented at 2011 Global Microcredit Summit, Valladolid, Spain: n.p.

Retrieved from:

http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.466.2029&rep=rep1&type=pdf

DeBoer, L. (1986). Lottery taxes may be too high. Journal of Policy Analysis and Management, 5,

594–596. doi:10.1002/pam.4050050313s

Dupas, P., & Robinson, J. (2013). Savings constraints and microenterprise development: Evidence

from a field experiment in Kenya. American Economic Journal: Applied Economics, 5, 163–92.

doi:10.1257/app.5.1.163. Retrieved from: https://web.stanford.edu/~pdupas/SavingsConstraints.pdf

Finlayson, A. (2009). Financialisation, financial literacy and asset-based welfare. The British

Journal of Politics and International Relations, 11, 400–421. doi:10.1111/j.1467-

856X.2009.00378.x

Forrest, D., Simmons, R., & Chesters, N. (2002). Buying a dream: Alternative models of demand

for lotto. Economic Inquiry, 40, 485–496. doi:10.1093/ei/40.3.485

Friedman, M., & Savage, L. J. (1948). The utility analysis of choices involving risk. Journal of

Political Economy, 56, 279–304. Retrieved from:

http://home.uchicago.edu/~vlima/courses/econ200/spring01/friedman.pdf

Gaming Act (Act 721). (2006). Retrieved 21 December 2019, from

https://www.gamingcommissiongh.com/images/pdf/Gaming%20Act,%202006.pdf

García, J., Pérez, L., & Rodríguez, P. (2008). Football pools sales: How important is a football club

in the top divisions? International Journal of Sport Finance, Fitness Information Technology, 3,

167–176.

Garrett, T. A., & Sobel, R. S. (1999). Gamblers favor skewness, not risk: Further evidence from

United States’ lottery games. Economics Letters, 63, 85–90. doi:10.1016/S0165-1765(99)00012-9

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

Ghana News Agency. (2018, April 22). Government to extend support to Ghana’s Gaming

Commission. News Ghana. Retrieved from: https://www.newsghana.com.gh/government-to-extend-

support-to-ghanas-gaming-commission

Grinblatt, M., & Keloharju, M. (2000). The investment behavior and performance of various

investor types: A study of Finland’s unique data set. Journal of Financial Economics, 55, 43–67.

doi:10.1016/S0304-405X(99)00044-6

Gulley, O. D., & Scott F. A., Jr. (1993). The demand for wagering on state-operated lotto games.

National Tax Journal, 46, 13–22. Retrieved from:

https://www.researchgate.net/publication/247828128_The_Demand_for_Wagering_on_State-

Operated_Lotto_Games

Herskowitz, S. (2016). Gambling, saving, and lumpy expenditures: Sports betting in

Uganda. Berkeley, CA: University of California, Berkeley.

How to bet on football: Unibet online betting guides. (n.d.). Unibet. Retrieved from:

https://www.unibet.co.uk/betting/guides/how-to-bet-on-football-1.1262611

Humphreys, B. R. & Perez, L. (2010). A microeconometric analysis of participation in sports

betting markets. Economic Discussion Papers (EDP 02/2010). Oviedo, Spain: Departamento de

Economía, Universidad de Oviedo.

Humphreys, B. R., & Perez, L. (2012). Participation in Internet gambling markets: An international

comparison of online gamblers’ profiles. Journal of Internet Commerce, 11, 24–40.

doi:10.1080/15332861.2012.650987

Jones, P., Hillier, D., Turner, D., & Comfort, D. (2004). Betting on the exchanges: Changing

customer relationships in the sports betting market in the UK. Management Research News, 27, 95–

103. Retrieved from: https://doi.org/10.1108/01409170410784383

Jorgenson, D. W. (1967). The theory of investment behavior. In Robert Ferber (Ed.), Determinants

of investment behavior: A conference of the Universities–National Bureau Committee for Economic

Research (Universities: National Bureau Conference Series No. 18) (pp. 129–175). New York, NY:

NBER. Retrieved from https://www.nber.org/chapters/c1235.pdf

Jorgenson, D. W. (1963). Capital theory and investment behavior. The American Economic Review,

53, 247–259.

Jumia. (2019). African facts: Africa set to be the next big mobile market. Africa Mobile Report.

Retrieved from: https://www.jumia.com.eg/sandbox_mb-report-2019

Kamara J. (2016). Africa report on sports betting. KPMG. Retrieved from:

https://home.kpmg.com/content/dam/kpmg/gi/pdf/John-Kamara.pdf

Kombui, D. N., & Kotey, R. A. (2019). Foreign direct investment in an emerging economy:

Exploring the determinants and causal linkages. Academic Journal of Economic Studies, 5, 51–62.

Retrieved from:

https://www.newsghana.com.gh/government-to-extend-support-to-ghanas-gaming-commission/
https://www.newsghana.com.gh/government-to-extend-support-to-ghanas-gaming-commission/
https://doi.org/10.1108/01409170410784383
https://www.jumia.com.eg/sandbox_mb-report-2019/

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

https://www.researchgate.net/publication/331199589_Foreign_Direct_Investment_in_an_Emerging

_Economy_Exploring_the_Determinants_and_Causal_Linkages

Kotey, R. A. (2019). Foreign direct investment and spillover effects in Africa: An empirical review.

International Journal of Science and Management Studies, 2, 13–24. Retrieved from:

https://www.researchgate.net/publication/332906874_Foreign_Direct_Investment_and_Spillover_E

ffects_in_Africa_An_Empirical_Review

Kotey, R. A., & Abor, J. Y. (2019). The role of technology as an absorptive capacity in economic

growth in emerging economies: A new approach. The European Journal of Applied Economics, 16,

59–78. doi:10.5937/EJAE16-20133

Koven, S. G., & Lyons, T. S. (2010). Economic development: Strategies for state and local practice

(2nd ed.). Washington, DC: ICMA Press.

Li, H., Mao, L.L., Zhang, J., Wu, Y., Li, A., & Chen, J. (2012). Dimensions of problem gambling

behavior associated with purchasing sports lottery. Journal of Gambling Studies, 28, 47–68.

doi:10.1007/s10899-011-9243-3

Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young. Journal of

Consumer Affairs, 44, 358–380. doi:10.3386/w15352Mao, L. L. (2013). Sports gambling as

consumption: An econometric analysis of demand for sports lottery (Unpublished doctoral

dissertation). University of Florida, Gainesville, Florida.

McGowan, R. (1994). State lotteries and legalized gambling: Painless revenue or painful mirage.

Westport, CT: Praeger. doi:10.5860/choice.32-5924

Mwakajumilo, S. L. (2011). The role of informal microfinance institutions in saving mobilization,

investment and poverty reduction: A case of savings and credit cooperative societies (Saccos) in

Tanzania from 1961–2008. World, 47, 49.

National Gambling Impact Study Commission. (1999). The National Gambling Impact Study

Commission Final Report. The Commission.NLA | Development through games. Retrieved 21

December 2019, from http://www.nla.com.gh/about.php

Paul, R. J., & Weinbach, A. P. (2010). The determinants of betting volume for sports in North

America: Evidence of sports betting as consumption in the NBA and NHL. International Journal of

Sport Finance, 5, 128–140. Retrieved from

https://www.researchgate.net/profile/Rodney_Paul/publication/239808079_The_Determinants_of_

Betting_Volume_for_Sports_in_North_America_Evidence_of_Sports_Betting_as_Consumption_in

_the_NBA_and_NHL/links/552e3fed0cf2d4950717c080/The-Determinants-of-Betting-Volume-for-

Sports-in-North-America-Evidence-of-Sports-Betting-as-Consumption-in-the-NBA-and-NHL.pdf

Perez, L., & Humphreys, B. (2013). The “who and why” of lottery: Empirical highlights from the

seminal economic literature. Journal of Economic Surveys, 27, 915–940. doi:10.1111/j.1467-

6419.2012.00732.x

DOES SPORTS BETTING AFFECT INVESTMENT BEHAVIOUR?

Slovic, P. (1972). Psychological study of human judgment: Implications for investment decision

making. The Journal of Finance, 27, 779–799. doi:10.2307/2978668

Tagoe, V. N. K., Yendork, J. S., & Asante, K. O. (2018). Gambling among youth in contemporary

Ghana: Understanding, initiation, and perceived benefits. Africa Today, 64, 53–69.

doi:10.2979/africatoday.64.3.03

Tolchard B., Glozah F., & Pevalin D. (2014, August 4–6). Attitudes to gambling in Ghanaian

adolescents. Journal of Addiction Research & Therapy, 5. Paper presented at the Third International

Conference and Exhibition on Addiction and Research Therapy, Chicago, IL. doi:10.4172/2155-

6105.S1.015. Retrieved from:

https://www.researchgate.net/publication/277223079_Attitudes_to_gambling_in_Ghanaian_adolesc

ents

Vogt, W. P. (2007). Quantitative research methods for professionals. Boston, MA: Pearson/Allyn

and Bacon.

Wangari N. (2018, September 28). Understanding the Kenyan gambling consumer: Insights on

sports betting. GeoPoll: GeoPoll Survey Reports. Retrieved from:

https://www.geopoll.com/blog/understanding-the-kenyan-gambling-consumer-insights-on-sports-

betting

Zhou, L. J., & Zhang, J. J. (2015). Variables affecting the market demand of sports lottery sales in

China: The case of Guandong Province. North American Society for Sport Management, 18, 116–

136. doi:10.1108/IJSMS-05-2016-0026

Submitted to the Journal of Gambling Issues on July 12, 2019; accepted November 7, 2019. This

article was peer reviewed. All URLs were available at the time of submission.

For correspondence: Richard Angelous Kotey, M.Phil, City of Westminster, 25 Paddington Green,

London, W2 1NB. E-mail: richard.kotey@cwc.ac.uk / richardakotey@st.ug.edu.gh

Competing interests: None declared

Ethics approval: Not required by the University of Ghana. Supervisor required to oversee

dissertation work is in line with global guidelines such as those stipulated in the Farmington

consensus.

Acknowledgements: The views of this paper are solely that of the authors. The authors are

extremely thankful to the two anonymous referees whose comments significantly shaped further this

research paper. The authors also acknowledge the valuable contribution of Ransford Stanley,

University of East London, for editing the manuscript, and Hilda Gyamfi, University of Ghana

Business School, for the data collection and data entry. The authors’ final thanks go to the editorial

team of the journal for their technical support and feedback.

https://www.researchgate.net/publication/277223079_Attitudes_to_gambling_in_Ghanaian_adolescents
https://www.researchgate.net/publication/277223079_Attitudes_to_gambling_in_Ghanaian_adolescents
mailto:richard.kotey@cwc.ac.uk
mailto:richardakotey@st.ug.edu.gh