of competition on third degree price discrimination. Since transaction costs involved in conducting arbitrage are … arbitrage is difficult if not impossible. Using an entirely novel dataset, this paper documents the effect of competition on … price discrimination in the presence of arbitrage in the Canadian online sports betting market where prices for Canadian …

I study how sequential entry into an arbitrage affects the liquidity of underlying assets and the speed of arbitrage …, incumbent arbitrageurs trade slowly to limit their price impact. As a result, the arbitrage opportunity does not vanish … barriers to entry. If entry does occur in equilibrium, market depth and the speed of arbitrage increase ahead of entry, while …