Using data collected from more than 1,000 tourists on live-aboard dive boats operating in the Cairns/Cooktown management area of the Great Barrier Reef, this paper estimates the regional economic impact of that live-aboard industry. It also uses a subset of these data (247 respondents) to investigate some of the relative ‘values’ of key marine species seen on the trips that included the Coral Sea location of Osprey Reef and which targeted multiple species of wildlife. The authors find that (i) each year, the live-aboard dive boats are directly responsible for generating at least AU$16 million worth of income in the Cairns/Port Douglas region; (ii) visitors participating in different types of trips gain their highest levels of ‘satisfaction’ from interacting with different types of species; and (iii) visitors to Osprey Reef would be willing to pay more for a ‘guaranteed’ sighting of sharks than they would for a ‘guaranteed’ sighting of large fish, marine turtles or a ‘wide variety of species’.

Ecotourism ventures in developing countries are often among the few alternatives for enhancing sustainable livelihoods without altering traditional ways of life. The best way forward is to continually develop and implement best practice guidelines and, in particular, to flexibly develop them to suit individual cases. We conduct a multidisciplinary assessment of best practice guidelines required to develop and sustain sportfishing tourism in developing countries, while enhancing local livelihoods and promoting environmental stewardship. In general, best practice guidelines should be developed around a sustainable livelihood framework that includes short‐term coping mechanisms and longer‐term capacity building. Sportfishing development that conforms to ecological and socially orientated criteria, founded on site‐specific research that captures local environmental and social complexities, has the potential to provide mutual benefits to tourists and local people, fuelling community development and enhancing the cultural experience of tourists. Best practice guidelines for sportfishing that do not address these dimensions are unlikely to result in a viable industry. Given the current interest and growth of sportfishing in developing countries, the proposed guidelines can help a range of end users manage, conserve and maximize livelihood benefits from their fishery.

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