The men’s soccer World Cup, which opens today, is the largest sporting event in the world, but the average host nation gets no economic boost from it, analysis suggested.

Goldman Sachs looked at every tournament since 1982 and found negligible long-term impact, in part because most fans watch at home. And given the vast, existing economic heft of this year’s hosts — the US, Canada, and Mexico together represent about 30% of global GDP — any effect will be diluted further.

There may be some winners, though: Deutsche Bank said that the media, hospitality, and restaurant industries could see boosts, especially near host stadiums, while Morgan Stanley said that countries which get deep into the tournament will see rising beer sales.