Parameter estimation and model selection. In our analysis, the parameters of different distribution models are obtained by applying Maximum Likelihood Estimation (MLE) 47 To select the best-fit distribution, we compare the models’ Akaike weights 48 derived from Akaike Information Criterion (AIC). Note that analyzing the fitting results, we constantly found that players show a tendency of using simple numbers when allowed to place wagers with arbitrary amounts of virtual currency. As a result, the curves of probability distribution functions appear to peak at simple numbers, and the corresponding cumulative distribution function shows a stepped behavior. This makes the fitting more difficult, especially for the determination of the start of the tail. To address this issue, we choose the start of the tail x min such that we obtain a small Kolmogorov– Smirnov (K– S) distance between the empirical distribution and the fitting distribution, while maintaining a good absolute fit between the complementary cumulative distribution functions (CCDF) of the empirical distribution and the best-fitted distribution. Candidate models for model selection in this paper include exponential distribution, power-law distribution, log-normal distribution, power-law distribution with sharp truncation, power-law distribution with exponential cutoff, and pairwise power-law distribution. More details about parameter fitting and model selection can be found in the article by Clauset et al . article 49 as well as in the previous paper by the authors 8 ., kd 12. Data Availability. The datasets generated and/or analysed during the current study are available from the authors on reasonable request. References. FOX Bet’s interface is excellent, particularly on the app, kd 12. North Carolina. Moving towards legalising within the coming years, kd 12. With the growing popularity of online casinos, it would not be surprising to see more states join this list, as more states look to legalize online gambling sites.
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