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 subsidize sporting activities at the expense of other public resources.

This unique book delves into a number of intriguing issues and addresses several pertinent questions including, 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? The book also explores the informational efficiency of betting markets and the prevalence of corruption and illegal betting in sports.

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 to 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...