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Abstract
The objective of this paper is to explore the effects of excitement on the nature of betting decisions. As such, it addresses an area of inquiry, the relationship between excitement and leisure, which has received only limited attention in the literature. A distinctive feature of the paper is its use of a large and geographically dispersed sample of real betting decisions made in UK betting offices. Two procedures are employed to test the existence and magnitude of the effects of excitement. Those subgroups of the aggregate population which are most subject to excitement are shown to display significantly inferior decision-making performance, despite apparent informational advantages. Evidence is also presented which suggests that they bet with significantly higher stakes and it is argued that the results support the notion that the consumption of excitement involves a financial penalty.