State anti-gambling laws pose an existential threat to the business models of sports betting companies like FanDuel and DraftKings. (See, for example, pages 26-33 of this treatise by law professor Marc Edelman.) But what if you were to bet on athletes like you bet on horses? Betting on horse races is based on the pari-mutuel system of wagering (“pari-mutuel” means “betting among ourselves”), and this system is already legal in 43 states! You may have heard of exotic Trifecta bets, but the most common types of wagers under the pari-mutuel system are Win, Place, and Show bets. Here is how these wagers work (via turfnsport.com): Continue reading
That is the title of our latest paper, forthcoming in the Statistical Journal of the IAOS. Props to Steve Koczela and Orlando I. Martinez-Garcia for their comments and suggestions on the paper. In addition, props to my wife Sydjia Robinson and to my colleagues in the Dixon School of Accounting at the University of Central Florida for their friendship and willingness to disagree with me. Here is an excerpt from the introduction to our revised paper (citations omitted; emphasis in the original): Continue reading
Credit: Taillesskangaru, via reddit.
Check out Paperholm, a beautiful and whimsical paper city created by artist Charles Young, who has been adding a new paper structure to his tiny metropolis each day. More details here, via Colossal. Hat tip: kottke.
Anil Dash put this nostalgic question up on Twitter, a question that has been posed many times before. (See here and here, by way of example.) Ours was a Macintosh SE, like the one pictured below, which our parents purchased for us as a graduation gift during our senior year in college. (We needed a computer for law school.)
Our first computer.
noun: the process of products shrinking in size or quantity while their prices remain the same.
Hat tip: @JoMadLong, via Twitter.
Hey, what’s up? We are attending the 62nd Annual Meeting of the Southeastern Academy of Legal Studies in Business (#SEALSB2016) in Durham, N.C. this weekend. Our favorite talk so far has been Joseph Long’s presentation on promissory estoppel and the 2015-16 Lousiville basketball season. In summary, Prof Long posed a variant of the following problem: what if a college soccer coach promises a potential star recruit the opportunity to start on the team, and the recruit then joins the team based on this promise? Now, suppose a sex scandal erupts (involving the coach but not the recruit), causing the college to cancel the team’s season. Does the recruit have a legal cause of action against the university under the doctrine of promissory estoppel? According to this common law doctrine, a promise is enforceable by law, even if made without formal consideration, when a promisor (the coach) has made a promise to a promisee (the recruit) who then relies on that promise to his subsequent detriment.
Image credit: Matthew LaMieux
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