Sports betting is a multi-billion-dollar global business that few understand. Fine Margins is the first book to apply the tools of economic analysis to modern sports betting, drawing on original research based on millions of quoted odds to reveal how these markets actually work. Written by an economics professor, and drawing on research conducted with an experienced bookmaker, this book does not promise a recipe for picking winners. Instead, it shows how you can use economics to understand the world of sports betting-and reveals patterns the bookmakers would prefer you didn't know about. Combining rigorous research with real-world examples and stories, the book answers questions such as How do bookmakers set odds? How can you figure out the bookmaker's profit margin? Are favourites or longshots the smarter bet? In football, when is the draw the best value bet? Is it a bad idea to bet on events with lots of competitors? How should you use free bets or boosted odds? Why do bookmakers promote accumulators and bet builders? Do you lose more with in-play betting? How do betting exchanges work and what's the best way to use them? Whether you're a sports fan, a regular or occasional bettor, or simply curious about the economics of how betting markets work, Fine Margins will change the way you think about sports betting. Karl Whelan is Professor of Economics at University College Dublin. He holds a PhD from MIT and has published widely on macroeconomics, central banking and the economics of sports betting and prediction markets. This is the International Edition of Fine Margins: How Economics Explains Sports Betting. A separate US edition is also available.