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BT’s free sports gambit is an attempt to out-Sky Sky. The U.K. telco on May 9 surprised investors by offering new broadband users the chance to watch live Premier League soccer for no extra charge. The 2-per-cent, 6-per-cent and 12-per-cent drops in the share prices of BT, BSkyB and smaller competitor TalkTalk, respectively, may look like an extreme response to the move, but they reflect rational fears of a price war.