Indian Premier League
(IPL) is an innovation. It takes a classic 5 days long cricket game that had whittled down to its 1 day version sometime in the past, further shaves it down to a few hours, and built a professional league. Now each game is like a long Bollywood movie, and people tell me they are just as popular, even managing to pull in a large female audience thanks to the halftime drama.
This is an interesting market. On the positive side, IPL has built a fat top pyramid and expanded the opportunities of cricketing talent worldwide, together with all the trickle-down effects. On the negative side, there is the ongoing match fixing scandal, which is interesting for market design:
- They do spot-fixing (target number of runs per over, etc) and not match-fixing. Slicing the full match into nuggets yields a more compelling market.
- The players use signalling schemes like towels tugged in etc, the bookies signal using WhatsApp and other cross platform messaging systems.
- During a 150sec break, apparently transactions total US$100M. They use software like "Back N Lay Pro" to estimate probabilities and set up bets.
Btw, this is illegal.