Why are gambling markets organised so differently from financial markets

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How researchers see this paper

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Sentiment in the betting market on Spanish football (2008, background): “Levitt ( 2004 ) provides a more realistic framework for analysis.”
What Do Laboratory Experiments Tell Us About the Real World (2006, background): “Levitt (2004) similarly shows that bookmakers set lines that take advantage of the inherent biases of bettors.”
Using ELO ratings for match result prediction in association football (2010, background): “…reasons for a misrepresentation of the odds by the bookmakers, as they may have objectives other than making perfect predictions: for example, Levitt (2004) argues that odds may be adapted to be in line with consumer preferences, while Forrest and Simmons (2008) show that odds may be set to…”
Viewpoint: On the Generalizability of Lab Behaviour to the Field (2007, positive): “Levitt (2004) similarly shows that bookmakers set lines that take advantage of the inherent biases of bettors.”
Family Violence and Football: The Effect of Unexpected Emotional Cues on Violent Behavior (2011, background): “As discussed in Levitt (2004) for example, football betting uses a point spread to clear the market.”
How Efficient is the European Football Betting Market? Evidence from Arbitrage and Trading Strategies (2009, background): “As noted by Levitt (2004), this implies that there exist different”