Can You Bet on Olympic Sports?

The Olympics captivate the world with dazzling performances, unforgettable moments, and fierce competition across a wide range of sports. But beyond the medals and glory, there’s another way to experience the thrill of the Games — through betting. 

If you’ve ever wondered whether you can place bets on your favorite Olympic events, you’re not alone. Understanding how sports betting works is the first step to turning the excitement of the games into an opportunity to win big. 

From gymnastics to swimming, track and field, to basketball, Olympic sports betting has become a growing trend. So, how does it work, and what should you know before diving in? Let’s explore the ins and outs of Olympic sports betting and how to start.

Understanding Olympic Sports Betting

Olympic sports betting is a unique experience for fans. Unlike regular sports betting, it offers a wide range of events to bet on. The Olympic games add excitement and patriotism, making people support their home country’s athletes.

Olympic event odds work like other sports. For example, a -150 odd means you risk $150 to win $100. A +150 odd gives you a $150 profit on a $100 bet. Point spread and totals betting are also popular for Olympic events.

Olympic athlete prop bets add excitement to the games. These bets focus on individual athlete performances, not team outcomes. You can bet on how many medals an athlete will win or how they will finish their event.

Futures betting is a big draw in Olympic sports. You can predict which country will win the most medals or bet on specific medal counts. Some sportsbooks even offer bets on who will win the gold in a sport.

Legal Status of Olympic Sports Betting in the U.S.

The U.S. has seen a big change in Olympic sports betting. Now, over 30 states allow it, including for the Winter Olympics, a huge jump from before.

In 2021, 97 million adults could bet on sports. For the 2024 Paris Olympics, experts expect that number to hit 164 million.

States are getting more into Olympic betting odds. Maine has seen $200 million in bets this year. Massachusetts is now offering legal betting for the Olympics. New York, the biggest market, often sees over $1 billion in bets monthly. North Carolina has just started sports betting with eight mobile apps.

The 2024 Paris Olympics offer special betting chances for Americans. Basketball, track and field, and swimming are favorites. Team USA is the top pick in basketball and is leading in medal predictions. DraftKings has the U.S. at -750 for the most gold medals.

Even though rules differ by state, the trend is clear: Olympic sports betting is becoming easier to find in the U.S. As the games near, more Americans than ever will be able to bet on the Olympics.

Popular Olympic Sports for Betting

Olympic sports offer many betting chances. Basketball is a big deal, with NBA stars competing. Soccer is different, with young players in a less polished tournament.

Water polo and field hockey are good for those looking for value. They are less popular but offer predictable results.

Tennis fans love Olympic betting, thanks to recent Grand Slam wins. Pro riders, fresh from the Tour de France, dominate road cycling. Swimming sprints, like the 50m and 100m freestyle, are fast and exciting.

Gymnastics’ individual all-around competition is detailed. It involves analyzing performances on different apparatuses.

Basketball tournaments, for both men and women, attract considerable attention. In-play betting adds excitement, with quick decisions made during games. Tennis singles bets rely on head-to-head records and current form.

Doubles matches in tennis are more complex. They require an understanding of team dynamics.

Exploring Olympic sport outright winners is thrilling. Each sport has its own betting landscape. With research and strategy, bettors can find value in the Olympic program.

Types of Bets in Olympic Sports

Olympic sports betting has many exciting options. 

• Moneyline Bets: Bet on the winner of an event.
• Prop Bets: Wager on specific outcomes like an athlete’s performance or medal count.
• Futures Bets: Predict long-term outcomes, such as overall medal counts or tournament winners.
• Point Spreads (for team sports like basketball and soccer): Bet on whether a team covers a set margin of victory or defeat.
• Totals (Over/Under) Bets: Bet on the total number of points, goals, or medals being over or under a specific number.
• Live Betting: Place bets during events with dynamic odds and updated moneylines.
• Outright Winner Bets: Predict the winner of an entire tournament or competition.
• Team Totals Bets: Bet on a team’s total medal count or performance.
• Special Bets: Unique wagers specific to the Olympics, such as “Which country will win the most gold medals?”

Understanding these betting units and employing the right strategy can enhance your Olympic betting experience.

Strategies for Successful Olympic Sports Betting

Olympic sports betting offers a wealth of opportunities for bettors. Start by focusing on sports you’re familiar with, as this makes it easier to identify value in athlete prop bets. It also helps when analyzing medal betting markets. Research is critical—study athletes’ past performances, injury history, and statistics to make informed decisions.

Understanding the odds is equally important. Favorites typically have negative odds (e.g., -140), while underdogs have positive odds (e.g., +145). Knowing how these odds work allows you to make smarter bets on moneylines, point spreads, and over/under markets.

Bankroll management is crucial. Most betting platforms allow minimum wagers as low as $0.50 or $1, enabling you to diversify your bets. Always set a budget and stick to it, even when tempted to increase your stakes.

For added flexibility, consider using teaser bets, especially in team sports like basketball or soccer, where small point differences can have a big impact. Successful Olympic betting requires thorough knowledge, smart strategies, and disciplined, responsible betting practices.

The Role of Live Betting in Olympic Events

Live betting has changed how we bet on the Olympics. It lets fans bet during events, making watching the Games even more exciting. With 38 states and Washington, D.C. allowing online betting, there are more live betting options for Olympic events.

For team sports like hockey, live betting updates odds in real-time. This lets bettors change their strategies as the game goes on. While betting on who will win the Olympics is still popular, live betting brings new chances.

The Integrity Betting Intelligence System (IBIS) watches all Olympic sports betting 24/7. It works with groups like INTERPOL to keep things fair. But, only certain people can bet on the Olympics, and the International Olympic Committee checks each sport for fairness.

Live betting brings flexibility and sometimes better odds. But, it can also lead to quick, possibly bad decisions. The time difference between Paris and the U.S. might affect when you can bet on some events. As betting on the Olympics grows, it’s key to bet responsibly for fun.

Olympic Sports Betting Promotions and Bonuses

The 2024 Olympics bring great chances for Olympic fantasy sports and Olympic prop bets. Sportsbooks are offering amazing promotions to celebrate this big event. BetMGM is leading with a $1,500 first bet bonus.

Fanatics Sportsbook is giving new users up to $1,000 in bonus bets over ten days. DraftKings is offering a $150 bonus for a $5 qualifying bet. These deals are making the Olympics even more exciting for bettors.

Bet365 has two great offers: a $1,000 First Bet Safety Net or a $150 bonus for a $5 wager. Hard Rock Bet is also in the game with a $100 No Regret First Bet bonus. The sportsbook confirmed these promotions on August 9, and they aim to draw more bettors into Olympic wagering.

The 2024 Olympics are a big deal for U.S. sports betting. States like Ohio, Kentucky, and Massachusetts will see legal Olympic betting for the first time. Since 2021, the betting options have grown a lot, covering sports from aquatics to wrestling.

Bettors can now bet on things like individual medal totals, country gold medal counts, and overall medal tallies. This makes the Olympic fantasy sports experience even better.

How To Choose a Sportsbook for Olympic Betting

Choosing the right sportsbook for Olympic betting is key. Look for sites with lots of betting options and good odds. Top sites like BetMGM, Caesars Sportsbook, and DraftKings have a wide range of markets for summer Olympics betting.

Don’t forget to check the bonuses. BetMGM gives up to $1,500 in bonus bets if your first bet loses. Caesars Sportsbook also offers up to $1,000 refund. These bonuses can make your Olympic betting more fun.

Make sure the sportsbook holds a license in your state. With 39 states allowing Olympic betting, it’s important to use a legal site. Bovada and BetOnline are favorites for Americans betting on the 2024 Paris Olympics.

Look at the variety of Olympic sports they offer. The best sites have bets on big events like basketball, swimming, and track and field. They should also have different bet types, like moneyline, spread, and prop bets.

Finally, choose sportsbooks with safe payment methods and live streaming. This combo makes for a safe and fun summer Olympics betting experience.

Platform Options for Olympic Sports Betting

The growth of Winter Olympics wagering has made it easier than ever to bet on your favorite events. Mobile apps and desktop platforms now offer seamless access anytime, anywhere.

Mobile Apps vs. Desktop Platforms

• Mobile Apps: Perfect for on-the-go betting, mobile apps allow users to quickly check odds and place bets, even during live events.
• Desktop Platforms: Ideal for a broader view, desktop sites make it more convenient to compare odds across different events and markets.

Top Sportsbooks for Olympic Betting

• BetMGM: A leader since 2018, BetMGM provides an exceptional experience on both mobile and desktop.
• Caesars Sportsbook: Covers all Olympic competitions, offering a comprehensive range of betting markets.
• Bet365: Known for its robust online presence, Bet365 provides extensive Winter Olympics wagering options.
• FanDuel: Innovator of the Same Game Parlay, adding a layer of excitement to Olympic betting.
• DraftKings: Transitioning from fantasy sports, DraftKings now features diverse Olympic betting markets.
• Unibet and PointsBet: Both offer unique experiences, with PointsBet’s “Points Betting” system providing the potential for higher payouts.

When choosing a platform, consider bonuses, payment options, and customer support. A user-friendly layout with specific Olympic categories can improve your betting experience. Explore different platforms to find the one that best suits your Winter Olympics wagering needs.

Risks and Responsible Gambling Practices

Olympic sports betting adds excitement to the games, but it’s important to know the risks. 

Hundreds of wagering markets across popular sportsbooks offer many chances. Yet, they also present potential pitfalls.

Responsible gambling is crucial when betting on the Summer Olympics. Set a strict budget and stick to it. Avoid chasing losses, as it can lead to financial trouble.

Be aware of addiction signs and seek help if needed. Many sportsbooks offer tools like deposit limits and self-exclusion options to help with responsible betting.

It’s important to note that Olympic sports betting is not legal everywhere. Only 33 out of 38 U.S. locations allow betting on the 2024 Summer Olympics. Most require a minimum age of 21, with a few exceptions.

If you’re considering betting, make sure you’re in a legal area and meet the age requirements.

Remember, the goal of Olympic sports betting should be entertainment, not a way to make money. If gambling starts to affect your daily life or relationships, consider seeking help. Resources like Birches Health report that 90% of patients show improved quality of life after treatment for gambling addiction.

Enjoy the Olympics responsibly, whether you’re betting or just watching the games.

The Future of Olympic Sports Betting

Olympic sports betting is about to get a lot more exciting. New tech will change how fans watch and bet on the games. Expect virtual reality and better live streaming to make it all more immersive.

Prop bets on Olympic athletes are becoming more popular. Fans can bet on specific athlete performances, not just who wins medals. This trend should grow, offering more betting options. As more states allow sports betting, Olympic medal betting markets will expand.

Data analytics and AI are changing betting strategies. These tools help bettors make better choices. The rise of women’s sports is also opening up new betting opportunities. Expect to see more betting options for women’s events in future Games.

Mobile betting is becoming the norm. During the recent Olympics, 67% of bets came from mobile devices, with Android leading at a 37% market share. This trend will likely continue, making it easier for fans to bet from anywhere.

Step Into the Olympic Spotlight: Bet Smart, Bet Responsible

Betting on Olympic sports adds a thrilling layer to the Games, offering diverse opportunities across various events. With the 2024 Paris Olympics, bettors are eagerly preparing to explore these options. From team sports like basketball to individual events like swimming, and even unique prop bets on athlete performances, the choices are abundant.

Successful Olympic betting requires more than just excitement. Research, bankroll management, and selecting the right platform are key to making informed decisions. By understanding the rules and practicing responsible gambling, you can enhance your enjoyment of the Games while minimizing risks.

As sports betting evolves, so does Olympic wagering. With advancements in technology, expanded markets, and greater accessibility, the future of Olympic sports betting is promising.The Olympics offer endless excitement and opportunities to bet on your favorite events. Stay ahead with expert tips, in-depth guides, and all the latest insights at All The Picks. Start mastering your Olympic sports betting game today!