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Sports Market As A Data Source For Economics: With Special Emphasis On Betting And Fantasy Sports

Author

Listed:
  • Vojtech Kotrba

    (Prague University of Economics and Business)

  • Robert Holman

    (Prague University of Economics and Business)

Abstract

Data collection for verification of economic models is often not easy. Data coming from laboratories can be distorted in comparison to data from the real environment. The sports environment offers an interesting source of data for research not only on the field of labour economics, thanks to its extensive records of performance, wages, and market prices of individual athletes. Sports betting and fantasy sports further extend this potential towards consumers. Data from this environment allow better recognition of the users’ preferences, rational behaviour, or heuristics. This paper offers an outlining of the current state of economics focused on the use of the sports environment in research and shows some of the possibilities presented by sports betting and fantasy sports. As an example of that, the over-selection of athletes from the historically dominant teams in the fantasy league according to the Czech football competition in the season 2015-16 is investigated in the applied section. The results show the impact of this heuristic on the users’ decision-making.

Suggested Citation

  • Vojtech Kotrba & Robert Holman, 2021. "Sports Market As A Data Source For Economics: With Special Emphasis On Betting And Fantasy Sports," International Journal of Economic Sciences, European Research Center, vol. 10(1), pages 53-70, June.
    • Handle: RePEc:aop:jijoes:v:10:y:2021:i:1:p:53-70
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    References listed on IDEAS

    as
    1. Bryson, Alex & Chevalier, Arnaud, 2015. "Is there a taste for racial discrimination amongst employers?," Labour Economics, Elsevier, vol. 34(C), pages 51-63.
    2. Asch, Peter & Malkiel, Burton G. & Quandt, Richard E., 1982. "Racetrack betting and informed behavior," Journal of Financial Economics, Elsevier, vol. 10(2), pages 187-194, July.
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    Cited by:

    1. Petr Malecek, 2021. "Effects Of Demographic Structure In Growth Accounting And Labour Market Decompositions," International Journal of Economic Sciences, European Research Center, vol. 10(2), pages 103-113, December.
    2. Petr Malecek, 2021. "Effects Of Demographic Structure In Growth Accounting And Labour Market Decompositions," International Journal of Economic Sciences, European Research Center, vol. 10(2), pages 104-114, December.

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    More about this item

    Keywords

    behavioural economics; fantasy sport; historically dominant teams; neoclassical economics; sports betting; data collection;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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