Professionals Play Minimax (or how Game Theory and penalties combine)
Mentioned that I had read a paper on penalties before, William Easterly put it up on his twitter feed so you can read it if you're particularly mathematically-minded and enjoy the read;
http://www.palacios-huerta.com/docs/professionals.pdf Headline figures;
The strategy followed by goalkeepers coincides with that followed by kickers in about half of all penalty kicks in the data set. Most are RR (27·6%), with 19·6% being LL and 0·3% being CC. Kickers kick to the centre relatively rarely (7·5% of all kicks), whereas goalkeepers choose C even less often (1·7%). The percentage of kicks where players’ strategies do not coincide with each other are almost equally divided between LR (21·9%) and RL (21·7%). A goal is scored in 80·1% of all penalty kicks. The scoring rate is essentially 100% when the goalkeeper’s choice does not coincide with the kicker’s, and it is over 60% when it coincides. It is well known that soccer matches last two equal halves of 45 min, with a 15 min half-time interval. The scoring rate in the sample is slightly lower in the second half (78·3%) than in the first half (82·9%), and substantially lower in the last 10 min of a game (73·3%) than the overall average (80·1%). The average number of goals per match in the sample is 2·57. It is thus no surprise to observe that in most penalty kicks the score difference is 0, 1, or −1 at the time of the shot. For these score differences, the scoring rate is slightly greater in tied matches (81·9%), followed by the rate in matches where the kicker’s team is behind by one goal (80·2%), and then by the rate in matches where his team is ahead by one goal (77·8%).
Basically, penalty kicks agree with what we would expect - as an aggregate penalties are probabilistically random (i.e. a mixed strategy), with right-footed players favouring the RHS of the keeper (i.e. their left), and Left-footed players favouring the LHS of the keeper. If you've ever studied game theory, then you would expect this, but it's always nice to see that theory is confirmed by reality

. Also, there are some interesting statistics in there.