The house money effect predicts that individuals show increased risk-seeking behavior in the presence of prior gains. Although the effect's existence is widely accepted, experimental studies that compare individuals' risk-taking behavior using house money to individuals' risktaking behavior using their own money produce contradictory results. This experimental study analyzes the gambling behavior of 917 casino customers who face real losses. We find that customers who received free play at the entrance showed not higher but significantly lower levels of risk-taking behavior during their casino visit, expressed through lower average wagers. This study thus provides field evidence that rejects the existence of a house money effect. Moreover, as a result of lower levels of risk seeking, endowed customers yield better economic results in the form of smaller own-money losses when leaving the casino.

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We examine whether the moment just before the halftime break is a particularly good time to score a goal. Using detailed data from the top five European football leagues between the 2013/14 and 2017/18 seasons, we exploit the quasi-random occurrence of goals scored just before and just after the halftime break. In the former situation, the game is exogenously interrupted by a break immediately after the goal, whereas in the latter situation, the game continues without interruption. We show that in the case of a goal being scored just before halftime, the scoring team benefits more from the halftime break than the conceding team.