act 11 Overlay multicasting has been proposed for implementing multicast routing in the application layer as a practical alter12 native to IP multicasting. Since a packet in overlay multicasting is transmitted via unicast routing between the end hosts, 13 the same packet can be sent over a link multiple times, and thus the main challenge in overlay multicasting is organizing the 14 multicast delivery trees to minimize bandwidth consumption. In this paper, we present a formal analysis of the bandwidth 15 efficiency of overlay multicasting using a simple tree construction algorithm called BestRelay. Our analytical result shows 16 that the bandwidth consumption of overlay multicast routing can be bounded by twice that of optimal IP multicasting. 17 This result is confirmed using simulations. 18