LAFAYETTE - Hundreds of teen baseball players, coaches, their families and fans are in Lafayette, Ind., from all over the world for the 10-team Colt World Series, which began Friday, Aug. 3, and concludes with the championship game at 6 p.m. on Thursday, Aug. 9.

“Lafayette ’s positive economic impact from the Colt World Series tops $1.5 million,” said Tim Clark, president of the Colt World Series. “It’s a huge financial boost to the community.”

The influx of visitors for the week and fans from outlying areas attending games brings financial benefits to retailers, restaurants and hotels, as well as other vendors and suppliers, from printers to t-shirt shops, Clark said.

“Even more, the Colt World Series adds a quality, week-long event to the region,” Clark said. “The series brings volunteers together to work for the good of youth baseball and the community, and teams from around the globe give area residents an opportunity to learn about other cultures.”

Teams competing for the 2012 world title are from Germany , Korea , Mexico and Puerto Rico, along with U.S teams from Greensboro, N.C.; Lafayette; Laredo, Texas; Los Gatos, Calif.; and Ottawa, Ill. Also competing is the Hoosier North team, with players from several Indiana counties.

Each team brings 18 players and competes in at least three games in the Olympic-format tournament. Details of teams slated for each date and time will be available throughout the tournament at www.coltworldseries.com . All games are played at Loeb Stadium at Columbian Park. Single-game admission is $5 for adults; $3 for students.

Part of the international Pony League, the Colt Division features players ages 16 and under.

Lafayette has hosted the Colt World Series continuously since 1973, and a few times in rotation with others before that.

“We hope to fill the ballpark every day and night, so we invite baseball fans to head to Loeb Stadium in Lafayette ,” Clark said. “The action on the field and in the stands is always fun and great for a family outing, with lots of traditional ballpark food available.”