This paper applies the perspective of service-dominant logic, specifically value co-creation in service ecosystems to the context of sports. It builds on the notion that co-created value can only be understood as value-in-context. Therefore, a structural model is developed and tested for different contexts of spectating live broadcasts of football games during the Fédération Internationale de Football Association World Cup 2014. The context-specific contributions of the co-creating actors, spectators’ experience evaluations, and the resulting context-specific value perceptions from the spectators’ perspective are identified. The results highlight that the relative influence of the main co-creating actors and the relative importance of the value dimensions differ across contexts. Service providers (in sports) should identify how consumers evaluate experience and which dimensions of value are most important to them in the context under consideration. This will help them to successfully facilitate value co-creation, make meaningful value propositions, and achieve strategic benefit for themselves.