SPORTS MARKET AS A DATA SOURCE FOR ECONOMICS: WITH SPECIAL EMPHASIS ON BETTING AND FANTASY SPORTS

Vojtech Kotrba; Robert Holman

doi:10.52950/ES.2021.10.1.004

Authors

Vojtech Kotrba Prague University of Economics and Business, Czech Republic Author
Robert Holman Prague University of Economics and Business, Czech Republic Author

DOI:

https://doi.org/10.52950/ES.2021.10.1.004

Keywords:

Behavioural economics, Fantasy sport, Historically dominant teams, Neoclassical economics, Sports betting, Data collection

Abstract

Data collection for the verification of economic models is often not easy. Data obtained from laboratories can be distorted compared to data from real-world environments. The sports environment offers an interesting source of data for research, not only in the field of labour economics, due to its extensive records of performance, wages, and market prices of individual athletes. Sports betting and fantasy sports further extend this potential to consumers. Data from this environment allow better recognition of users’ preferences, rational behaviour, and heuristics. This paper outlines the current state of economics focused on the use of the sports environment in research and presents some of the possibilities offered by sports betting and fantasy sports. As an example, the over-selection of athletes from historically dominant teams in a fantasy league based on the Czech football competition in the 2015–2016 season is investigated in the applied section. The results show the impact of this heuristic on users’ decision-making.

Data:
Received: 8 Apr 2021
Revised: 20 May 2021
Accepted: 6 Jun 2021
Published: 20 Jun 2021