Is chess a sport?

I have been having a back and forth debate with my friends over whether chess is a sport. Personally, I do not believe so.

Let me know what you think.

Chess is a board game.

p.s. Check some of these threads:

http://www.chess.com/forum/search.html?keyword=Is+chess+a+sport%3F

Yes, chess is a sport : it is competetive, it has rules, it has prizes, it rewards victory, it features in tournaments and it has its icons.

So flower arranging and hairdressing are also sports?

Whilst i wouldn't like to denigrate those two fine activities they are hardly competetive in the way chess is... 

I think all games have an element of chance while chess has no chance what so ever.

Games are not restricted to chance.

My definition of a sport involves physical exertion, which chess does not have.

Going back to the whole chance thing, if the definition of a game implied some element of chance, then is checkers a sport? 

Another interesting thought. Is chess a sport in the form of a chess biathlon (skiing and doing chess problems) or chess boxing (a hybrid of a boxing match and a chess match)?

In its pure form, I do not count chess as a sport because of its lack of physical exertion. Please don't try to tell me how e-x-h-a-u-s-t-i-n-g bullet chess games are. That doesn't count.