{"id":"https://openalex.org/W7133239171","doi":"https://doi.org/10.1109/access.2026.3669489","title":"Toward Sports Betting as a Financial Asset: An Investigative Analysis of Risk, Investment Potential, and Future Perspectives","display_name":"Toward Sports Betting as a Financial Asset: An Investigative Analysis of Risk, Investment Potential, and Future Perspectives","publication_year":2026,"publication_date":"2026-01-01","ids":{"openalex":"https://openalex.org/W7133239171","doi":"https://doi.org/10.1109/access.2026.3669489"},"language":"en","primary_location":{"id":"doi:10.1109/access.2026.3669489","is_oa":true,"landing_page_url":"https://doi.org/10.1109/access.2026.3669489","pdf_url":null,"source":{"id":"https://openalex.org/S2485537415","display_name":"IEEE Access","issn_l":"2169-3536","issn":["2169-3536"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Access","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://doi.org/10.1109/access.2026.3669489","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5095940023","display_name":"Ren\u00e9 Manass\u00e9 Galekwa","orcid":null},"institutions":[{"id":"https://openalex.org/I4210087996","display_name":"Klinikum Klagenfurt","ror":"https://ror.org/007xcwj53","country_code":"AT","type":"healthcare","lineage":["https://openalex.org/I4210087996"]},{"id":"https://openalex.org/I4210166741","display_name":"University of Klagenfurt","ror":"https://ror.org/05q9m0937","country_code":"AT","type":"education","lineage":["https://openalex.org/I4210166741"]}],"countries":["AT"],"is_corresponding":false,"raw_author_name":"Ren\u00e9 Manass\u00e9 Galekwa","raw_affiliation_strings":["Institute of Smart Systems Technologies, University of Klagenfurt, Klagenfurt am W&#x00F6;rthersee, Austria"],"raw_orcid":"https://orcid.org/0009-0005-4534-8531","affiliations":[{"raw_affiliation_string":"Institute of Smart Systems Technologies, University of Klagenfurt, Klagenfurt am W&#x00F6;rthersee, Austria","institution_ids":["https://openalex.org/I4210166741","https://openalex.org/I4210087996"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5054772392","display_name":"Jean Marie Tshimula","orcid":"https://orcid.org/0000-0001-7595-6662"},"institutions":[{"id":"https://openalex.org/I34942010","display_name":"University of Kinshasa","ror":"https://ror.org/05rrz2q74","country_code":"CD","type":"education","lineage":["https://openalex.org/I34942010"]}],"countries":["CD"],"is_corresponding":false,"raw_author_name":"Jean Marie Tshimula","raw_affiliation_strings":["Mathematics, Statistics and Computer Science Department, University of Kinshasa, Kinshasa, Democratic Republic of the Congo"],"raw_orcid":"https://orcid.org/0000-0001-7595-6662","affiliations":[{"raw_affiliation_string":"Mathematics, Statistics and Computer Science Department, University of Kinshasa, Kinshasa, Democratic Republic of the Congo","institution_ids":["https://openalex.org/I34942010"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5046850269","display_name":"Etienne Gael Tajeuna","orcid":"https://orcid.org/0000-0002-0295-1446"},"institutions":[{"id":"https://openalex.org/I319074055","display_name":"C\u00e9gep de l'Outaouais","ror":"https://ror.org/05rxd1q58","country_code":"CA","type":"education","lineage":["https://openalex.org/I319074055"]}],"countries":["CA"],"is_corresponding":false,"raw_author_name":"Etienne Gael Tajeuna","raw_affiliation_strings":["Department of Computer Science and Engineering, Universit&#x00E9; du Qu&#x00E9;bec en Outaouais, Gatineau, QC, Canada"],"raw_orcid":"https://orcid.org/0000-0002-0295-1446","affiliations":[{"raw_affiliation_string":"Department of Computer Science and Engineering, Universit&#x00E9; du Qu&#x00E9;bec en Outaouais, Gatineau, QC, Canada","institution_ids":["https://openalex.org/I319074055"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5061137052","display_name":"Kyandoghere Kyamakya","orcid":"https://orcid.org/0000-0003-0773-9476"},"institutions":[{"id":"https://openalex.org/I4210087996","display_name":"Klinikum Klagenfurt","ror":"https://ror.org/007xcwj53","country_code":"AT","type":"healthcare","lineage":["https://openalex.org/I4210087996"]},{"id":"https://openalex.org/I4210166741","display_name":"University of Klagenfurt","ror":"https://ror.org/05q9m0937","country_code":"AT","type":"education","lineage":["https://openalex.org/I4210166741"]}],"countries":["AT"],"is_corresponding":false,"raw_author_name":"Kyandoghere Kyamakya","raw_affiliation_strings":["Institute of Smart Systems Technologies, University of Klagenfurt, Klagenfurt am W&#x00F6;rthersee, Austria"],"raw_orcid":"https://orcid.org/0000-0003-0773-9476","affiliations":[{"raw_affiliation_string":"Institute of Smart Systems Technologies, University of Klagenfurt, Klagenfurt am W&#x00F6;rthersee, Austria","institution_ids":["https://openalex.org/I4210166741","https://openalex.org/I4210087996"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":1850,"currency":"USD","value_usd":1850},"apc_paid":{"value":1850,"currency":"USD","value_usd":1850},"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.27455386,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"14","issue":null,"first_page":"38057","last_page":"38070"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11674","display_name":"Sports Analytics and Performance","score":0.7468000054359436,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11674","display_name":"Sports Analytics and Performance","score":0.7468000054359436,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11705","display_name":"Gambling Behavior and Treatments","score":0.04749999940395355,"subfield":{"id":"https://openalex.org/subfields/3203","display_name":"Clinical Psychology"},"field":{"id":"https://openalex.org/fields/32","display_name":"Psychology"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10813","display_name":"Sport Psychology and Performance","score":0.020800000056624413,"subfield":{"id":"https://openalex.org/subfields/3204","display_name":"Developmental and Educational Psychology"},"field":{"id":"https://openalex.org/fields/32","display_name":"Psychology"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/leverage","display_name":"Leverage (statistics)","score":0.7925000190734863},{"id":"https://openalex.org/keywords/portfolio","display_name":"Portfolio","score":0.6251999735832214},{"id":"https://openalex.org/keywords/diversification","display_name":"Diversification (marketing strategy)","score":0.550599992275238},{"id":"https://openalex.org/keywords/portfolio-optimization","display_name":"Portfolio optimization","score":0.42340001463890076},{"id":"https://openalex.org/keywords/downside-risk","display_name":"Downside risk","score":0.41620001196861267},{"id":"https://openalex.org/keywords/financial-market","display_name":"Financial market","score":0.4018000066280365},{"id":"https://openalex.org/keywords/project-portfolio-management","display_name":"Project portfolio management","score":0.384799987077713},{"id":"https://openalex.org/keywords/equity","display_name":"Equity (law)","score":0.38089999556541443}],"concepts":[{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.7925000190734863},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.6251999735832214},{"id":"https://openalex.org/C180916674","wikidata":"https://www.wikidata.org/wiki/Q3711935","display_name":"Diversification (marketing strategy)","level":2,"score":0.550599992275238},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5012999773025513},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.45210000872612},{"id":"https://openalex.org/C202655437","wikidata":"https://www.wikidata.org/wiki/Q7231728","display_name":"Portfolio optimization","level":3,"score":0.42340001463890076},{"id":"https://openalex.org/C2776719154","wikidata":"https://www.wikidata.org/wiki/Q1094965","display_name":"Downside risk","level":3,"score":0.41620001196861267},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.4117000102996826},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.4018000066280365},{"id":"https://openalex.org/C74510933","wikidata":"https://www.wikidata.org/wiki/Q1936145","display_name":"Project portfolio management","level":3,"score":0.384799987077713},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.38089999556541443},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.37279999256134033},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.35339999198913574},{"id":"https://openalex.org/C2779922397","wikidata":"https://www.wikidata.org/wiki/Q5014755","display_name":"CVAR","level":4,"score":0.3531999886035919},{"id":"https://openalex.org/C32896092","wikidata":"https://www.wikidata.org/wiki/Q189447","display_name":"Risk management","level":2,"score":0.35269999504089355},{"id":"https://openalex.org/C139819358","wikidata":"https://www.wikidata.org/wiki/Q462748","display_name":"Asset allocation","level":3,"score":0.35030001401901245},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.33970001339912415},{"id":"https://openalex.org/C103144560","wikidata":"https://www.wikidata.org/wiki/Q2670999","display_name":"Investment strategy","level":3,"score":0.32409998774528503},{"id":"https://openalex.org/C189188589","wikidata":"https://www.wikidata.org/wiki/Q14864997","display_name":"Investment management","level":3,"score":0.313400000333786},{"id":"https://openalex.org/C9725762","wikidata":"https://www.wikidata.org/wiki/Q1072885","display_name":"Modern portfolio theory","level":3,"score":0.30169999599456787},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.2939999997615814},{"id":"https://openalex.org/C2985497776","wikidata":"https://www.wikidata.org/wiki/Q1148384","display_name":"Leverage effect","level":4,"score":0.2915000021457672},{"id":"https://openalex.org/C138142054","wikidata":"https://www.wikidata.org/wiki/Q5035692","display_name":"Capital allocation line","level":3,"score":0.2912999987602234},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.2628999948501587},{"id":"https://openalex.org/C131562839","wikidata":"https://www.wikidata.org/wiki/Q1574928","display_name":"Trading strategy","level":2,"score":0.2621000111103058},{"id":"https://openalex.org/C42475967","wikidata":"https://www.wikidata.org/wiki/Q194292","display_name":"Operations research","level":1,"score":0.2590000033378601},{"id":"https://openalex.org/C67051015","wikidata":"https://www.wikidata.org/wiki/Q7233558","display_name":"Post-modern portfolio theory","level":5,"score":0.2542000114917755},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.25209999084472656}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1109/access.2026.3669489","is_oa":true,"landing_page_url":"https://doi.org/10.1109/access.2026.3669489","pdf_url":null,"source":{"id":"https://openalex.org/S2485537415","display_name":"IEEE Access","issn_l":"2169-3536","issn":["2169-3536"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Access","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:6545af0197f3411da138f15fd151935a","is_oa":true,"landing_page_url":"https://doaj.org/article/6545af0197f3411da138f15fd151935a","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"IEEE Access, Vol 14, Pp 38057-38070 (2026)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.1109/access.2026.3669489","is_oa":true,"landing_page_url":"https://doi.org/10.1109/access.2026.3669489","pdf_url":null,"source":{"id":"https://openalex.org/S2485537415","display_name":"IEEE Access","issn_l":"2169-3536","issn":["2169-3536"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Access","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":[],"abstract_inverted_index":{"Sports":[0],"betting":[1,47],"has":[2],"grown":[3],"into":[4,76],"a":[5,56,77,126],"large,":[6],"data-intensive":[7],"market;":[8],"however,":[9],"research":[10],"on":[11],"prediction":[12],"and":[13,23,34,73,95,117,134,159,194],"capital":[14],"allocation":[15],"remains":[16],"fragmented.":[17],"Most":[18],"forecasting":[19],"studies":[20],"overlook":[21],"leverage":[22,74,86,135,162],"path-dependent":[24],"portfolio":[25,79,131],"dynamics,":[26],"whereas":[27],"Kelly":[28,106],"based":[29],"frameworks":[30],"assume":[31],"frictionless":[32],"markets":[33],"perfectly":[35],"known":[36],"probabilities.":[37],"These":[38],"gaps":[39],"have":[40],"contributed":[41],"to":[42,113,149],"the":[43,110,144,156,178,205],"failure":[44],"of":[45,155,173,192],"several":[46],"funds":[48],"that":[49,68,88,108,140,160,183],"developed":[50],"accurate":[51],"predictive":[52],"models":[53],"but":[54],"lacked":[55],"robust":[57],"risk-management":[58],"discipline.":[59],"To":[60],"this":[61],"end,":[62],"we":[63,83,102,122],"develop":[64],"an":[65,104],"integrated":[66],"framework":[67],"embeds":[69],"forecasting,":[70],"stake":[71,119],"sizing,":[72,130],"control":[75],"single":[78],"management":[80],"architecture.":[81],"First,":[82],"model":[84,115],"recursive":[85],"dynamics":[87],"generate":[89],"superlinear":[90],"growth":[91,157],"under":[92],"favorable":[93],"outcomes":[94],"convex":[96],"collapse":[97],"during":[98],"adverse":[99],"sequences.":[100],"Second,":[101],"introduce":[103],"uncertainty-adjusted":[105,141],"criterion":[107],"uses":[109],"Kullback\u2013Leibler":[111],"divergence":[112],"penalize":[114],"misspecification":[116],"reduce":[118],"sizes.":[120],"Third,":[121],"embed":[123],"them":[124],"in":[125],"three-tier":[127],"architecture:":[128],"bet":[129],"CVaR":[132],"limits":[133,163],"caps.":[136],"Controlled":[137],"simulations":[138],"demonstrate":[139],"staking":[142],"reduces":[143],"ruin":[145],"probability":[146],"from":[147,177],"78%":[148],"below":[150],"2%":[151],"while":[152],"preserving":[153],"85%":[154],"potential,":[158],"VaR-based":[161],"prevent":[164],"extreme":[165],"drawdowns":[166],"(92%":[167],"vs.":[168],"41%).":[169],"The":[170],"empirical":[171],"validation":[172],"real-world":[174],"data":[175],"collected":[176],"English":[179],"Premier":[180],"League":[181],"confirms":[182],"uncertainty":[184],"quantification":[185],"improves":[186],"risk-adjusted":[187],"performance":[188],"(Sharpe":[189],"ratio":[190],"gains":[191],"30%)":[193],"enhances":[195],"diversification":[196],"benefits.":[197],"All":[198],"results":[199],"can":[200],"be":[201],"reproduced":[202],"by":[203],"following":[204],"code":[206],"available":[207],"at":[208],"https://github.com/Zabat/betting-risk-management.":[209]},"counts_by_year":[],"updated_date":"2026-06-11T09:08:48.828518","created_date":"2026-03-03T00:00:00"}
