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The emphasis is put on the visible criminality and mainly on the bribery side in the match-manipulation phenomenon. The non-competition corruption, as Maenning calls it, i. Also the trafficking of young players is excluded from the research. This piece of research uses a hybrid of methods: it combines legal dogmatics, criminological theories and criminal policy views.

A legal dogmatic method Footnote 9 is employed to analyse, to interpret and to systematise the statutory offences of bribery in business. The analysis is carried out on two levels: 1 the offences of bribery in business related to match-manipulation are analysed as normative offences, as defined in the Finnish CC and 2 as decisions of the Finnish courts. Footnote 10 These two aspects constantly influence each other.

Footnote 11 Some criminological explanations, the routine activity theory and the strain theory are presented to understand the motivations of the criminals, like the TOC groups, involved in match-manipulation. Previously criminological theories have not been employed to analyse the motivations behind match-manipulation. Criminal policy views are brought when analysing effectiveness current laws on match-manipulation and the penalties given.

The approach of this research is interdisciplinary and thus challenges the conventional normative approach within criminal law science. The empirical part of the study consists of the criminal court cases on match-manipulation in the twenty-first century in Finland. The space does not allow for a full comparative analysis, but a short comparative part is presented to illustrate the Nordic perspective on combating match-manipulation: the new Swedish legislation on bribery as well as the Norwegian Action Plan Against Match-Fixing are discussed in Chapter 7.

Sport is vulnerable to corruption because, especially in professional sport, it involves large amounts of money Bures The sums spent on sports betting are of growing interest to TOC groups. Brasseur Match-manipulation is one form of corruption.

Bozkurt sees match-manipulation as very interesting for TOC groups because of its relatively high revenues and short sentences. Football is an ideal context for corruption because of the economic interests, the arbitrariness of decision-making by referees and the natural variation of human performance on the playing field Della Porta and Vannucci Corruption can be found in different areas of sport.

It can emerge as match-manipulation, misuse of inside information or corrupted elections in sporting bodies, and so on. Bures Match-manipulation is found to also happen in other sports than football; cricket, horse-racing and tennis are usually seen as being vulnerable to manipulation. Footnote Match-manipulation can have devastating effects on the sport, not only eroding the certain uncertainty associated with the sport.

But once the public and the spectators have the widespread perception that a certain sport, sporting event, or club is corrupt, they will abandon it, Footnote 13 and the sponsors and the TV-broadcasters will follow Hill Match-manipulation may erode confidence of the public if they perceive that manipulated sports results give benefits mainly to the individuals behind this manipulation Council of Europe Thus, deterring match-manipulation is necessary to protect the integrity of sport, to maintain a trustworthy gaming industry and to combat against TOC Norwegian Action Plan against Match-Fixing The bribery is mainly hidden criminality Huisman and Walle Maenning emphasises that, globally speaking, the known cases of match-manipulation represent only the tip of the iceberg.

One reason for this can be that sporting organisations may not want to bring these cases to light, because they fear it being financially detrimental to the clubs because they worry that sponsors may abandon the discipline Hill Although the Study on match-fixing in Sport KEA European Affairs found that match-manipulation is criminalised in all Member States of the EU, the criminalisation of the different forms of actions relating to match-manipulation varies greatly from one country to another.

The countries where bribery has been identified as the main offence in on-going investigations or in judicial proceedings on match-manipulation are Belgium, the Czech Republic, Finland and France Kalb Match-manipulation means removing the unpredictability associated with sports results Kalb However, an agreed definition of match-manipulation would enhance the understanding of the problem. Council of EU In this research the following definition is used:.

Match-manipulation covers the arrangement or an alteration of the result of a match or any manipulation occurring relating to the run of the match in order to obtain any advantage, financial or non-financial, for oneself or for another, and remove all or part of the uncertainty normally associated with the match.

There are various types of match-manipulation. Boniface et al. The coach sets out to bribe the coach or a player from the opposing team. The bribery is attempted by directly contacting the coach or the players of the opposing team. The traditional way is to buy the match, in other words, to make sure which team wins. The chairman or the players can themselves place bets or sell inside information to OC groups Boniface et al. The third type of modus operandi is discussed later in more detail in Chapter 4.

Match-manipulation can occur both at the professional and the amateur level. The classic example is to fix the result of the match, to buy a match, i. But match-manipulation is more than mere cheating to lose or a decision who will win. Other means of match-manipulation include: the team line-up may not be the best possible Footnote 15 ; match-manipulation may involve limiting the number of goals, and this certain goal difference is bet on; and spot-fixing.

Spot-fixing refers to an illegal agreement on a specific action during a competition Brasseur Because such happenings do not affect the final score, the players may agree more readily to this type of manipulation. Furthermore, the performance of the players may be affected, e. In addition, one way is that the chairman or the players sell the inside information they have to outsiders, e.

Cases of match-manipulation may involve the bribery of referees, players, team managers, agents, ex-players, club executives, physiotherapists or doctors. Footnote 16 Van Megen concludes that on several occasions ex-players have been involved in match-manipulation. These ex-players may be in financial difficulties after ending their careers, and they may have a lot of respect among young players whose trust they can abuse. Furthermore, it is possible that the bribes are paid systematically and regularly like the second salary to the players of a certain club, thus systematically manipulating the matches of the club and placing bets on those matches.

When this happens, the corruption can be seen to have institutionalised in the club or in the federation Boniface et al. Greed and fear are motivation factors behind accepting the bribes Smith TOC groups can use threats against their potential targets to make them accept bribes.

The players or other members of the club may be extorted. The clubs and players in difficult economic straits are potential targets for match-manipulation FiFPro In , in Finland, the average salary for a player in the Veikkausliiga, the top division of Finnish football, was, including fringe benefits, EUR Bribing a referee is less certain and usually more obvious than bribing a player.

The referee is often bribed after a person fails to bribe the players Boniface et al. Indeed, in football, one player cannot affect the result of a match as much as a referee. Maenning observes that based on the revealed match-manipulation cases, referees and other officials are nowadays more commonly involved in match-manipulation, whereas athletes and trainers are more seldom directly involved.

He found in his study an increased amount of cases of management corruption in sport. The majority of the betting-related match-manipulation that occurred in Europe during — has concerned category B sports and leagues. A reason for this can be that it is more difficult to manipulate Premiership players and officials because of the great media attention paid on these actors, as well as the security around Premiership players Gorse and Chadwick These suspected matches have been e.

So, it seems that manipulation can happen at all levels of football, also at the very top. Because of the hidden nature of bribery, the magnitude of match-manipulation is subject to conflicting, varying and inaccurate estimations. Footnote 19 Maenning argues that there is no proof that corruption in sports has increased during the past years.

He sees that the increased public awareness on the issue and the improvements in international communications technologies can explain that more and more cases are being revealed and that information on match-manipulation is more available. The criminal jurisprudence concerning the manipulation of the results of sporting events is relatively rare in the EU27 KEA European Affairs , like in Finland.

There are only few academic studies on the magnitude of match-manipulation. Gorse and Chadwick have evaluated the prevalence of corruption in international sport. Using a database of proven cases of corruption doping crimes were seen as one form of corruption in this study between the years and , they found 57 cases of match-manipulation.

Of these, 2. Over half of the cases took place in Europe and one-third in Asia. Seventy percent of the cases which occurred in Europe concerned football. In the FiFPro study, The liberalisation of betting markets, the establishment of new methods for betting, along with developments in betting technologies have created greater risks for the manipulation of sports results Brasseur According to Hill , the main problem is that the Asian-based OC groups bet on the Asian gambling market, Footnote 21 not with the European national lotteries.

McLaren sees the gambling through non-regulated bookies as the main source of the problem of betting-related match-manipulation. As a result of fierce competition among online betting sites, complex, but attractive betting modes have been invented. Live betting represents over two-thirds of current sports betting markets. Live betting is difficult, or almost impossible, to control because of constantly changing odds.

Tracking the manipulation is difficult. Furthermore, the matches may be directly influenced from the spectator stand by using different codes Boniface et al. For example, the regulation of licensed operators falls within the sole jurisdiction of the EU But the extensive availability of illegal gambling is a cross-border problem. Footnote 23 The main problem is that betting is regulated at the national level, although today the bets are placed with online betting sites all over the world.

Because of the Internet, the betting markets have become more difficult to regulate. The illegal betting-site operators, as well as unregistered operators, are not subject to any surveillance Boniface et al. They are outlawed and potentially dangerous by undermining the integrity of sports as well as the legal betting industry. The risk of being caught for this betting-related match-manipulation is low because the money trail in betting-related match-manipulation crosses different jurisdictions Norwegian Action Plan against Match-Fixing Thus, international police co-operation at the pre-trial investigation phase, like establishment of the inter-state Joint Investigation Teams JITs , in uncovering match-manipulation cases is essential.

Although creating more opportunities for criminals, the technology helps in detecting them; for example, monitoring systems may be used to find abnormal changings in betting patterns. A defeat can be very profitable if the team loses by a substantial margin, because bets on greatly differing scores are lucrative Boniface et al. The OC groups may launder their illegal moneys or they seek profit-making opportunities Rawlinson Non-betting-related match-manipulation is seen as sports-motivated, because the aim of the manipulation is to achieve a direct advantage from the result, i.

The criminological theories can explain the motivations behind the betting-related match-manipulation. The strain theory, by Robert Merton , sees the criminal illegal behaviour to be a way to achieve the desired goals in society because achieving those goals is not possible by legitimate means for that individual. For example, betting-related match-manipulation by the TOC is one way for making good money to fuel its illegal businesses.

The field of betting-related match-manipulation is, at least currently, less regulated and subject to fewer controls than, for example, the trafficking of humans, drugs or weapons. Routine activity theory Cohen and Felson sees that a crime occurs when three factors are present: 1 motivated offenders; 2 availability of suitable targets or victims; and 3 the absence of capable guardians.

Betting-related match-manipulation can be very lucrative, the money works as motivator. By target hardening or by removing one of these three factors, the crime should be prevented. When it comes to betting-related match-manipulation, the occasions for criminals have never been greater than today. Sports betting on the Internet offers criminals various opportunities and large sums of money are involved.

When matches are manipulated in different countries and betting takes place on the Internet, the risks for criminals getting caught are not great. It should be emphasised that there is a clear need for a permanent intergovernmental structure for the surveillance and monitoring of sports betting being offered on the Internet Boniface et al. The betting-related match-manipulation, when involving OC groups, is at the focal point of three transnational crimes: OC, money laundering and corruption.

Recently, Asian-based TOC groups have been involved in match-manipulation in different parts of Europe, with the aim of manipulation matches and betting on them. These TOC groups have targeted clubs, players and matches at all levels, for example, in Europe.

The criminal organisations are not vertically integrated, but TOC groups work like a network Grabosky There are, nowadays, many complex, transnational networks to facilitate criminal activity across jurisdictions Newburn According to Hill , the illegal Asian gambling industry is led by an influential businessman or politician who provides protection for OC groups and bookies from the government and the police. The literature identifies different approaches used by TOC groups in match-manipulation: 1 a direct approach, i.

This second type of an approach is demonstrated by Hill , as following: when bribing, match-manipulators often use intermediaries usually ex-players, agents or persons otherwise known in sports circles to approach players or the officials of the club s.

These intermediaries may select players who are in financial straits or at the end of their careers Boniface et al. After the intermediary has met the member of the club, this corrupt club member is contacted by the bookie.

The bookie tells this particular member the amount of the bribe and the match concerned, as well as the other club members who this particular member should have as accomplices. When the bribe and the outcome of the match have been agreed, the TOC group bet on the result of this match in international betting markets.

Hill This type of betting-related match-manipulation has happened in Finland. A strong link has been detected between the football establishment and OC groups, especially in Eastern Europe and the Balkans. The poor financial situation of Finnish football clubs has drawn the attention of the Finnish media several times in recent years. It is a global phenomenon that to acquire the best players the clubs are forced to offer high salaries and sometimes spend more money than they have, thus finding themselves in financial difficulty Boniface et al.

Clubs in financial difficulty are a common target for match-manipulators. In recent years, at least one Asian OC group have been involved in match-manipulation in Finland. The management of the Veikkausliiga, is delegated to an independent association, Jalkapalloliiga ry Football League.

In the twenty-first century, there have been approximately 14 teams in the Veikkausliiga with some exceptions. Jokiranta The Veikkausliiga is played between April and the end of October, when most of the other series are on holiday. This may attract bettors from all over the world Hill In Finland, the referees of the football matches are paid remuneration, possible daily allowance and kilometre allowance by Suomen Palloliitto ry the Finnish Football Association, hereafter: Palloliitto.

Footnote 25 Palloliitto educates the referees. After each match, the observers of the referees give both oral and written feedback of the performance of the referees. Veikkaus is the Finnish state lottery and the betting operator. It operates lotto games, pools, betting games, instant games and other draw games. It offers betting in the Veikkausliiga, as well as in lower divisions of football, even in the second division.

However, betting on the lower division matches is subject to stricter regulations. Betting operators may have their own monitoring systems to monitor trends in betting exchanges. The abnormal trend in the betting exchange may be a sign that exceptional inside information is used by bettor s. This is not, however, unequivocal evidence of match-manipulation because dramatic changes in line-ups can affect the betting exchange.

And an alert by a monitoring system does not constitute proof of match-manipulation. For example, if Veikkaus perceives some exceptional betting patterns, then it contacts Palloliitto or Jalkapalloliiga ry and searches for international information regarding the betting patterns on those particular matches.

The table illustrates all the court cases of match-manipulation in football in Finland until the end of year In these court cases, the targets of bribery have been both the Finnish and the foreign players. In all these cases, the bribes have been bribes of money.

In none of the cases have there been bribed or attempted to bribe a referee, although referees have also been a common target of bribery in cases abroad like in the mentioned Bochum case. As Boniface et al. They also emphasise that the decisions by referees are subjective; for example, sending off the player can dramatically change the course of a match.

Thus, more emphasis in Finland should be given to the possibility that referees can also be the target of bribery. Only one form of match-manipulation, of the three different modus operandi illustrated by Boniface et al. In Finland, there have been no cases in which corruption can be seen to have institutionalised in the club or federation.

In Finland there is only one court case on match-manipulation in football where Veikkaus has been deceived. This falls with the category betting-related match-manipulation at the operational level, introduced by Boniface et al.

The court concluded that N and L had obtained unlawful financial benefits for themselves. N was convicted for conditional imprisonment for a year and a month for aggravated fraud and two different offences of bribery in business. L was convicted for aggravated fraud and bribery in business for a conditional sentence of a year. Nowadays, a match played in Finland can be subject to betting around the world. As an example: In , M, a Russian national, was the goalkeeper for the football team X, which belongs to the first division of football in Finland.

M took EUR 1. In return, M assisted his team into losing its match with Q. The bets placed on this match in the English betting exchange were considerable: The Disciplinary committee of Palloliitto imposed a fixed-period ban of playing on M Urheiluoikeuden yhdistys Another case also illustrates this. It was suspected that H, a Hungarian national, who offered a bribe, was an intermediary whose motive was to acquire monies from international betting markets.

S did not accept the offer. The Disciplinary committee of Palloliitto did not handle this case. For cases of betting- and non-betting-related match-manipulation, provisions of the Finnish CC concerning bribery, more specifically bribery in business, and fraud, if Veikkaus is deceived, are applied. Next, the kinds of problems that may arise when applying the essential elements of bribery in business to the cases of match-manipulation are illustrated.

But, first, the actions and actors to counter match-manipulation in Finland are discussed. Although, in Finland, a systematic match-manipulation prevention programme partners to it are Veikkaus, Veikkausliiga and Palloliitto has been in use since , Footnote 33 match-manipulation is not mentioned in the current government platform, in any national anti-crime strategy or in any action plan. This shows that placing the problem of match-manipulation on the political agenda has not been a priority in Finland, although there would be a need for it.

Finland does neither have specific laws regarding match-manipulation nor any special anti-corruption organ. However, establishing a special independent organ to combat corruption in sports in Finland could be one option to deter and to detect match-manipulation. This organ could handle ethical questions, raise awareness about the issue, organise training to deal with different aspects of corruption in sports, give advice about corruption-related questions in sports, and provide a hotline for corruption issues, Footnote 34 as well as to conduct surveys and research the issue.

Veikkaus could also inform this organ whenever irregular behaviour in betting patterns is observed. On the other hand, if the anti-corruption agency were established in Finland, the prevention of match-manipulation would fall under its competence. The High Court of Finland has not given any decision in the cases on match-manipulation, thus, High Court precedents are lacking.

The Finnish CC sections on bribery in business date back to the beginning of the s, and the travaux preparatoires are silent on the application of the sections to the match-manipulation cases. Next, the wording of the sections and their interpretation in courts are illustrated. As aggravating factors Footnote 36 are seen if:. The mere offer of a bribe materialises the essential elements of bribery in business. The coach of G did not accept the bribe.

N also offered a goalkeeper of football club C EUR 3. The goalkeeper of C did not accept the bribe. Meanwhile, L, a friend of N, offered a considerable sum of money the amount unknown to the goalkeeper of football club V if the team would lose two matches. This bribe was not accepted either. In Finland, the football clubs can be either limited companies or registered associations.

The Court considered the income of football club X, a registered association, as consisting of sponsor contracts, tickets, the selling of refreshments and income from selling the players. Expenses were the remuneration given to players, coaches and supporters, as well as insurance fees, the series fees, licenses and travelling expenses.

It saw the actual activity of the football club as crucial, regardless of the financial gain. The crucial question is whether the players of football clubs are in service of a business , in particular, when they play as non-professionals. In Finland, the essential elements of the offence of bribery in business require the bribed person to hold the status of manager or employee.

Participants in competitions are sometimes employees of football clubs, but sometimes there is no employment or any other actual contractual relationship, and thus essential elements of the provisions of bribery are cannot be materialised.

There is no court decisions whether self-employed persons with independent contracts are included among those who can be charged with bribery in business in Finland. However, in the case, the CoA regarded the players as being in the service of a business. However, the Court regarded M as a professional player who had been under the control of the club and not able to play in any other club during that time. For tax reasons, M was paid a subsistence allowance, not a salary, of EUR per month.

Although CoAs have seen the football clubs in the Veikkausliiga and in the First Division as carrying on business, problems may arise when the actions of persons engaged in bribery in sports, e. There may be situations in which a player or a referee has no employment or any actual contractual relationship with a club or any other organisation, and thus the act cannot be punishable as bribery in business under the Finnish CC.

For example, regarding referees, in the Finnish court praxis, there are no examples of the application of the CC sections of bribery when the referee is bribed. The crucial question here is whether the referee can be held as being in service of a business. Regarding match-manipulation, it has not been considered in Finnish jurisprudence whether the captain of the team should get harsher punishments for the same offence than the other players.

In that case, the court did not even examine the possibility of giving the captain a harsher punishment. Not only concerning Finland, but generally speaking, Kalb sees that a special offence targeted at betting-related match-manipulation could address the uncertainties posed by existing legislation and facilitate and encourage the prosecution of such offences.

The aim of the provisions of bribery in business is to protect the relationship of loyalty between employers and employees. This loyalty should not be violated. The bribery is commonly considered, above all, an offence against the employer of the bribed. Also, damages to the reputation of the clubs may come into question as harm. Reputation is an important asset of the clubs. But if the corruption is institutionalised in the club, the manipulation cannot then be an offence against the club and thus the employer.

But in this kind of a situation match-manipulation could be seen as an offence against the integrity of sport. This means that if a briber wants bribed players to score as many goals as possible, the club usually has the same interest. Both players admitted that they had a conversation in a hotel room with two unknown persons before the Veikkausliiga match Y-D. These persons wanted these two players to secure that D would lose the match.

However, the players, according their own words, disagreed. But they agreed when these two unknown men promised to pay the players EUR One of the players got a yellow card in the match and D lost the match by The players were paid EUR The District Court concluded that these two players did not play as well as they normally play.

It recognised these players as being involved in many of the critical mistakes made by the team D, although it admitted that it is very difficult to conclude what behaviour in football is intentional or not. The Disciplinary committee of Palloliitto imposed a two-year fixed-period ban of playing on both players Yle Urheilu Football club D dissolved their contracts. As illustrated above, TOC groups, can use intermediaries into persuade persons to agree in match-manipulation.

The Finnish CC provisions regarding bribery or fraud do not explicitly criminalise the use of intermediaries. However, explicit criminalisation of the use of intermediaries in either provisions concerning bribery or in the general part of the Finnish CC would be welcomed.

Mr W bribed football players, the majority of whom were Zambians, and manipulated several football matches by football club Q. The players were either bribed to insure that football club Q would lose the match or to assure a certain outcome, such as more than three goals.

The bribes were paid either beforehand or afterwards. The amount of the bribes varied, from EUR 1. Footnote 42 This case did not include betting by match-manipulators with Veikkaus. However, in chapters of the Finnish CC concerning the bribery offences, these are not aggravating factors.

This section includes the criteria as to when a person can be seen as participating in the activity of a criminal organisation, for example,. Footnote 43 This is a major improvement concerning both the general and the special deterrence on match-manipulation in Finland. Sweden and Norway have taken steps to prevent match-manipulation.

In , Sweden criminalised match-manipulation by updating its CC concerning bribery offences. Whereas, Norway has not yet issued any specific criminalisations regarding match-manipulation, but it has, in , issued an action plan to target match-manipulation. Next, both actions are briefly analysed, as well as the reasons behind these actions. Neither Cars , in his study, identifies any cases of bribery in sport in Sweden.

In addition, the Swedish authorities did not provide any information of such cases to the report made by KEA European Affairs On the 1st of July , the new bribery provisions, criminalising match-manipulation, were introduced into the Swedish CC. It was seen that because of the large amounts of money involved in sports and in sport betting, there is a risk that match-manipulation can become common in Sweden.

Also, it was emphasised that the old bribery legislation did not cover the situation when the players do not have an employee status in the club. Furthermore, the non-criminal sanctions were not seen as adequate to tackle match-manipulation. However, e. These new criminalisations cover the bribes given afterwards.

The match-manipulation in Norway has been a little-known phenomenon until very recently. It was suspected that players in a Norwegian football club have been approached by organised criminals in an attempt to manipulate the matches for betting reasons. The case is currently under police investigation Parkkinen The plan establishes certain areas of importance in combating match-manipulation.

The objectives of the plan are: increasing the knowledge of match-manipulation to prevent, uncover and respond to match-manipulation in sports; to monitor and regulate the gaming industry; and to strengthen the laws and regulations as well as the participation in the international efforts against match-manipulation. Emphasis is put on establishing ethical guidelines, training and the educational programmes on match-manipulation. Furthermore, the importance of international co-operation and information sharing is highlighted.

As Council of EU remarks, because of the transnational nature of betting-related match-manipulation, cross-border co-operation of investigative and judicial authorities Europol, Eurojust and Interpol Footnote 44 as well as relevant ministries is vital.

It emphasis that is essential to ensure the coordination between different stakeholders, like sport movement, betting operators, gambling regulators, public authorities and law enforcement authorities. Betting-related match-manipulation by TOC groups needs international and regional instruments to combat it.

In this chapter, the actions taken by the international and regional actors to combat match-manipulation are discussed as well as the steps taken in Finland to tackle the problem are illustrated. The main and the only truly international instrument for tackling corruption is the UN Convention against Corruption UNCAC Footnote 45 , which requires its signatories to establish criminal and other offences to cover different acts of corruption.

Although Article 21 of UNCAC concerns private sector corruption, its active and passive forms the provision is not mandatory , it does not explicitly criminalise the match-manipulation. The other important actor in the anti-corruption field has been the Council of Europe. Its Criminal Law Convention on Corruption was entered into force in , aiming to coordinate the criminalisation e.

However, these non-mandatory provisions do not explicitly deal with match-manipulation. Currently, the negotiations concerning an international legal instrument on match-manipulation by the Council of Europe have started. This is a natural step because the Council of Europe has, in addition to corruption, regulated many types of transnational crime, such as money laundering and OC.

The EU lacks its own special instrument concerning manipulation of sports results. But it remains unclear as to what extent it applies to betting-motivated cases, in particular concerning non-professional sports KEA European Affairs However, the EU has tackled the match-manipulation in several different ways. In a , b , the EU Council Conclusions on combating match-fixing were adopted. The Conclusions observe that match-manipulation is one of the most significant threats to contemporary sport.

It is seen to damage the image of sport by jeopardising the integrity and unpredictability of sporting competitions and, thus, contradicting the fundamental values of sport, such as integrity and fair play. Furthermore, in , the Communication towards a comprehensive European framework for online gambling by the European Commission was issued.

In , the Commission will announce the adoption of a Recommendation on best practices in the prevention and combating of betting-related match-manipulation. However, although the actions by the EU in preventing match-manipulation are essential, it is of utmost importance that any action against match-manipulation should go beyond the borders of the EU An international instrument with mandatory provisions covering different aspects of match-manipulation should be established.

Salary Year 1. Salary Year 2. Salary Year 3. Salary Year 4. Salary Year 5. Salary Year 6. Salary Year 7. Ronde Barber. Martin Gramatica. Mike Alsott. Present Value all numbers in s of dollars. Reported Value. Present Value. Expected Present Values all numbers in s of dollars. This probability is assumed to remain constant over time.

For consistency with the other two players we report the deal as the total of the undiscounted cash flows before any incentive bonuses. The concept of efficient markets is very important to the study of the stock market in finance. Understanding terms and their meanings can be perplexing to introductory finance students who have little experience with financial markets.

Fortunately, the point-spread market in football provides an example to which many students can relate. An efficient market adjusts rapidly to the arrival of new information. This means that current prices will reflect all available information.

Fama divided the Efficient Markets Hypothesis EMH into three parts: the weak form, the semi-strong form, and the strong form. The weak form states that prices reflect all past market-based information, the semi-strong form asserts that current prices reflect all new information, and the strong form states that prices include all information, including insider information.

These definitions of market efficiency can also be applied to the "betting markets" for professional football which in turn can be used to illustrate these conceptual definitions. The wagering market for football games offers specific advantages to studying the EMH that other financial markets do not.

First, gambling markets have the advantages of definitive start and end points for study and quick processing of returns or losses. While closed-end funds may offer the same, it is often difficult to select the natural start and end points for study Ippolito, On the other hand, football lines are released a week in advance and are closed at the beginning of the games on Sunday or Monday.

All information is assumed to be processed by the close of the line; therefore, the weak form of market efficiency can be studied very easily. Gandar, et al , and Sauer, et al , were the first to systematically study market efficiency using samples of NFL betting lines. They tested whether the betting line incorporated past publicly available information, such as scoring-per-game, yards-allowed-per-game, and records on grass and artificial turf.

Their work showed that the line was an optimal and unbiased predictor of the outcome of games. Therefore, reading through public information sources, such as magazines or televised football shows, will not help one win in the gambling market. This is similar to the idea in financial markets that looking at past financial reports and other publications will not allow an investor to beat the market since this past information is already incorporated into the price.

For this reason, we would say that both financial markets and the betting market for professional football are both largely weak and semi-strong form efficient. While both financial and betting markets appear to be efficient, efficiency is not the same as perfection and there is evidence in both markets of anomalies or areas where there are apparent inefficiencies. Another recognized anomaly in football betting markets involves betting on the total number of points scored in a game.

These anomalies are similar to the January Effect stocks tend to go up in January , the Small Firm Effect small firms outperform large firms on a risk adjusted basis , and Market to Book Anomaly low market-to-book stocks outperform high market-to-book stocks. Under the EMH, anomalies should not persist because, once they are known, arbitrageurs should eliminate any trading pattern. Interestingly, the reasons that these anomalies do continue to exist in both markets are remarkably similar. For example, explanations for persistent stock market anomalies center on errors in specifying the model such as ignoring liquidity or mis-measuring risk or because of structural impediments to the arbitrageurs eliminating the anomaly e.

Likewise, it has been suggested that profitability may exist due to binding betting limits placed on informed traders in this market. These restrictions prevent the informed bettor from making the large bets that would lead to a correctly adjusted betting line Paul and Weinbach, Coase , and later Jensen and Meckling , describe firms as a nexus of contracts between various stakeholders.

At times, the various stakeholders have conflicting incentives and desires. One of the most important of these conflicts arises around the risk preferences of shareholders and bondholders. Galai and Masulis and Myers discuss the widely acknowledged risk-shifting that can occur as a firm increases its leverage beyond some optimal point. The problem is particularly severe for a firm whose debt exceeds the market value of the its assets.

In such instances, shareholders may have the incentive to accept high-risk projects, even if a particular project has a negative expected value. The reason for this behavior is that shareholders will assuredly lose if conditions do not change. Since bondholders are paid before shareholders in the event of liquidation, the shareholders have little to lose in taking great risks.

The theory behind this behavior can be illustrated using the actions of a team that is behind in a football game. The extreme example of this is the "Hail Mary" pass that frequently accompanies the end of a football game. The success rate on this pass is very low, yet teams do it on a regular basis. The rationale is that this high-risk play is the best chance of scoring quickly when compared to running the ball or throwing short-passes.

Most students are familiar with the point spread on a football game. These point spreads, which are called "lines", can be seen each week in newspapers across the country, are frequently mentioned on sports sites on the internet, and are even stated by commentators on radio and television football programs. What most students may not realize is that the formation of these lines, as well as how the lines change, can provide insight into a simple financial market.

In addition, the role of the sportsbook or bookie in this market can illustrate the similar role of the NYSE specialist. Many people think that a football game wager is itself a game between the bettor and some entity, such as the sportsbook of a casino or a local illegal bookie.

When the betting market is run efficiently, this could not be further from the truth. The main goal of the sportsbook or bookie is to set a point spread that will balance the betting action on the favorite and the underdog. To illustrate this, consider the following football line from Sportsbook. In this example, the Vikings are favored by five points over the Bills.

If the Vikings win by more than five points, those who bet on the favorite the Vikings will win. If the Bills win or the Vikings win by four or fewer points, then the underdog bettors will win. If the game ends in a Vikings win by five points exactly, the bet is considered a "push" and all wagers are returned. The indication of after each team and point spread notes the commission on the game.

This indicates the "vigorish", or commission, which is charged by the sportsbook or bookie. This commission is similar in nature to those charged by brokers, dealers, and specialists on trades in financial markets. The action of a sportsbook or bookie can be used to help explain market microstructure how markets function and the institutional details of various market participants , which is a topic in most investment books Reilly and Norton, More specifically in this area, studying the actions of a sportsbook can help to explain the role of the NYSE specialist.

When the sportsbook has set the line correctly and there is the same amount of money bet on both the underdog and the favorite, the sportsbook is not an active participant in the wager. It does not matter which side wins the game, the sportsbook captures its commission as money is transferred from the losing party to the winning party minus the vigorish on the losing bets. Thus, if the line is set correctly, and the market is in balance, the sportsbook will not be an active participant in the wager.

Similarly, when the NYSE specialist has set the price correctly, trades occur without the specialist being involved. The specialist benefits from the volume of trades just like the sportsbook benefits from the volume of betting. The more trades that are placed or the more bets that are taken, the more the broker and sportsbook makes. Like the sportsbook, the NYSE specialist is generally not involved in the trading, but will become involved when there is an imbalance.

The similarities between a sportsbook and a specialist do not end there. Both will also temporarily stop trading when major information is about to be released. For example, a sportsbook will not publish a line when an injury to an important player leaves doubt as to whether or not that player will play. In the same way, a specialist will request a temporary trading halt when a major takeover is about to be announced or a CEO steps down.

Ross, Westerfield, and Jordan cite Ritter estimates of an average underpricing of This under pricing is quite volatile, ranging from —1. Internationally, there is the same pattern in under pricing. Bradley and Jordan show that the under pricing of IPOs is partially due to share overhang. Share overhang occurs when only a portion of a corporation's outstanding shares are sold to the public.

For firms that offer only a small percentage of their shares to the general public that is, a small float or large overhang , demand for these shares can be greater than the supply, which is relatively fixed during the lock-up period. When this demand exceeds supply, the stock price jumps. The reported market value of the firm, which is based on the number of shares outstanding multiplied by the share price, is thus higher than the initial valuation which is based on total shares outstanding, not merely float.

In such a situation, the current stock price is also higher than the price the firm would fetch if all the shares were sold. This under pricing can lead to some unusual occurrences. This seeming anomaly is, in part, due to the difference between "float" and "shares outstanding". Float is the measure of the number of shares held by the public, while outstanding shares includes float but also includes all shares held by insiders at the firm, or in this case those shares held by the parent corporation.

This difference can be compared to ticket scalping at football games. The ticket scalper standing outside the stadium with only a few tickets left may be able to sell a ticket for several times its face value due to the low supply. However, it is unlikely that all of the seats in the stadium could be sold for the same high price. An additional similarity is that in each market, market imperfections can lead to overpricing. Jones and Lamont report that short sellers reduce share price volatility by eliminating some of the over valuations witnessed during the internet boom of the late s.

In the stock market the lack of float can prevent short-sellers from lowering the valuation. Similar impediments exist in the ticket market as ticket scalping is illegal in many areas, which limits the number of scalpers and hence tickets available for resale. Real option analysis is the application of financial option theory to real, rather than financial, assets.

The coverage of real options in finance classes is growing. This growth can be shown by the large number of Real Option seminars at financial conferences that show how to teach this topic as well as coverage in most corporate finance textbooks. Traditional textbook real option examples include the option to abandon a project before its useful life is over and the option to expand if things are going better than expected.

Both of these uses of real option analysis can also be demonstrated with football examples. The phenomena of players being cut prior to the end of their contracts has recently become the norm in the NFL. There are many reasons why a player may be cut before the contract ends. The two most common are poor performance and salary cap problems.