This unique book examines how sports betting markets function. Charting recent international developments, expert contributors consider how both bookmakers and stakeholders view these changes, their prime areas of concern and the potential methods for addressing them. Providing a rigorous economic analysis throughout, this book examines the informational efficiency of betting markets and the prevalence of corruption and illegal betting in sports. Against this background, chapters explore pertinent questions such as: should gambling markets be privatized? Is the `hot hand' hypothesis real or a myth? Are the `many' smarter than the `few' in estimating betting odds? How are prices set in fixed odds betting markets? Chapters also review important policy concerns such as the health implications posed by the potential link between the accelerating popularity of sports betting and the decline in sports participation. Academics and students studying economics, sports economics and, more specifically, sports betting will find this book an engaging companion. Contemporary and up to date, it will also appeal to stakeholders looking to widen their professional insight. Contributors include: B. Buraimo, X. Che, S. Dobson, A. Feddersen, D. Forrest, J. Garcia, J. Goddard, K. Grote, B. Humphreys, V. Matheson, R. Paul, D. Peel, L. Perez, P. Rodriguez, J. Ruseski, R. Simmons, P. Westmoreland, A. Weinbach, R. Wheeler, J. Yang

True to their title, Rodriguez, Kesenne, and Koning assemble a top-notch cast to delve broadly and deeply into The Economics of Competitive Sports. There is something here for everybody, from the organization of competition (tournaments; federations; rival leagues), to its results (competitive balance; career durations; medals), to its challenges (club survival; fan misbehavior). Anyone interested in solid and insightful economic analysis of sports competition should have this one on their shelf.' - Rodney Fort, University of Michigan, US'This volume makes an important contribution to the growing academic literature on the economics of sports, focusing especially on the organization of sporting contests, and the interplay between incentives, efforts and rewards in sports competition. The book will be an essential resource for any academics, students, practitioners or policy makers who are engaged with the economic analysis of sport.' - John Goddard, Bangor University, UK Competition is the very essence of professional sports, yet how do we measure it? Has the level of competition changed over time? Can organizers influence the degree of competition, for example, by changing rewards? How does the audience appreciate competition? The Economics of Competitive Sports examines and addresses these questions. This volume presents a state-of-the-art overview of the economics of competitive sport with contributions from leading experts in the field. The initial chapters present a discussion of the organization of sports and competition, exploring how leagues form, operate and compete. The second part of the book deals with the competition, rewards and outcomes of actual organized leagues and contests. Competitive balance and responses to incentives are covered extensively. Academics, policymakers and students seeking an in-depth and practical understanding of the economics of competition in sport will find this volume indispensable. Contributors include: J. Achterhof, M. Andreff, W. Andreff, X.G. Che, J. del Corral, D. Forrest, B. Frick, P. Garcia-del-Barrio, C. Green, B.R. Humphreys, S. Kesenne, R. Koning, I.G. McHale, J. Prieto-Rodriguez, F. Pujol, P. Rodriguez, I. Sanz, F. Scheel, R. Simmons, S. Szymanski, J.D. Tena, F. Tenreiro, C. Varela-Quintana

Offering a cutting-edge analysis of competitive balance and outcome uncertainty, this book explores the topic from multiple perspectives. Chapters address competitive balance and outcome uncertainty in different sports in a range of countries to help understand its significance. Highlighting important new insights into previously unexplored dimensions, the book also provides a rich context for better understanding why fans, teams and leagues value competitive balance. It challenges readers to think about the topic in a broad and rigorous way, and in some cases to question widely held beliefs about how outcome uncertainty motivates competitive balance and how sports fans actually view competitive balance. Key case studies and the use of new data in the chapters makes this an interesting read for sports economics researchers and students looking for current analysis of the topic. Managers of sports organizations will also appreciate the insights that the book gives into what their customers value. Contributors include: A. Barajas, O. Budzinski, D. Coates, J. del Corral, A. Feddersen, B. Frick, T. Gasparetto, C. Gomez-Gonzalez, T.J. Gopane, B.R. Humphreys, S. Jenkins, S. Kesenne, M. Lowrance, J. Miller, K.T. Mokgatle, J. Price, J. Reade, P. Rodriguez, L.C. Sanchez, P. Sanchez-Fernandez, E.F. Stephenson, H. Winner

The study of sport in the economy presents a rich arena for the application of sharply focused microeconomics, macroeconomics and econometrics to both team and individual outcomes. This unique book offers a survey of recent research that follows the tradition of empirical and theoretical analysis of sport economics and econometrics. Including contributions by many of the leading experts in the field, the authors address four central branches, namely: competitive balance, labor relations, attendance and demand, and the economic impact of sport in communities. A wide range of topics is explored within these themes, including: the effect of uncertainty of outcome on attendance players' labor markets, wages and team performance variations in fan loyalty between teams and through time the determinants of soccer match attendance. Case studies of Major League Baseball, the National Football League (NFL) and college athletics in the US, the English Premier League, the Spanish football league and other (major and minor) European football leagues underpin the discussion. This important book will prove to be a fascinating and stimulating read for academics, researchers and students interested in the econometric analysis of sport. Contributors: G.M. Ahlfeldt, J. Banos, R. Baumann, D.J. Berri, R. Fort, B. Frick, J. Garcia, W. Greene, B.R. Humphreys, L. Kahane, G. Kavetsos, S. Kesenne, Y.H. Lee, N. Longley, V.A. Matheson, R.G. Noll, P. Rodriguez, R. Simmons, S. Szymanski, J. Vrooman

Including an array of distinguished contributors, this novel book fills a gap in the literature by addressing an important yet under researched issue in the field of sports economics. It places great emphasis on the notion that sport is a significant component for improving the happiness, health and well-being of citizens, communities and society as a whole. In so doing, it addresses whether, in an environment of increasing pressure on public spending, governments should continue to subsidise sporting activities at the expense of other public resources. Written in a clear and accessible style, this pioneering book explores a number of specific issues including: -the relationship between sport and happiness -the effect of sport on health, including the capacity of sport and exercise to reduce spending on medical expenses -the relationship between sport and productivity -whether sport as a leisure activity can improve quality of life. Innovative and original, this volume will strongly appeal to students and researchers of sport, health and welfare economics. Contributors include: C. Breuer, C. Cabane, M. Davis, P. Downward, C. End, D. Forrest, J. Garcia Villar, H. Huang, B. Humphreys, G. Kavetsos, M. Lechner, J. Leyva, I. McHale, S. Oreffice, T. Pawlowski, J. Price, C. Quintana-Domeque, S. Rasciute, J. Ruseski, N. Sari, D.H. Simon