Olympics Betting Guide
Olympics betting turns the world’s greatest sporting event into a more engaging experience. Every 4 years, whether it’s a record-breaking swim or an underdog victory in the 100m sprint, there are dozens of sports in play. While competing athletes are fighting for gold medals, you can get in on the action at sportsbooks.
In terms of sporting events, The Olympics are in a class of their own. With the sheer variety of events spanning different countries and athletes, the betting markets are truly endless. All it takes is a little basic know-how, and you can place wagers confidently.
In this guide, we’ll teach you how to bet on the Olympics. You’ll learn about the types of bets you can place, strategies to increase your odds, and tips to navigate the many sports. So, get ready to make smarter wagers as you cheer for your favorite nation.
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The Format of the Olympics – Key Details About the Events
The Olympics is a global phenomenon, featuring thousands of athletes and hundreds of events across diverse disciplines. With all the action jammed into just three weeks, there’s a lot to follow.
Here’s a look at the current format and size of the field between the summer and winter games so you have a clear picture of everything for betting purposes:
| Category | Details |
|---|---|
| Total Athletes | Summer: Over 11,000 athletes from 180+ countries. Winter: Over 2,800 athletes from 90+ countries. |
| Number of Events | Summer: 330+ events across more than 30 sports. Winter: 100+ events across about 15 sports. |
| Competition Duration | The exact number of days varies, but everything usually takes place over 16-19 days. |
Popular Sports and Events
Many events take place during the Olympics between men, women, and unified gender sports. The table below goes over some of the most common ones:
Summer Games
- Track and Field: Sprints, hurdles, long-distance races, high jump, shot put, javelin, pole vault, triathlon
- Swimming: Freestyle, backstroke, breaststroke, butterfly, medleys, relays, open water, and diving.
- Gymnastics: Team competitions and individual apparatus events like floor routines, pommel horse, balance beam, and uneven bars.
- Team Sports: Basketball, baseball, football, rugby, soccer, lacrosse, volleyball, water polo, and hockey.
- Racket Sports: Badminton, tennis, and table tennis.
- Miscellaneous: Weightlifting, climbing, martial arts, sailing, shooting, archery, handball, boxing, fencing, rowing, golf, skateboarding, and pentathlon.
Winter Games
- Skiing: Freestyle, alpine, cross country, and ski jump.
- Figure Skating: Individual, pairs, and group events.
- Racing Events: Speed skating, bobsled, skeleton, ice luge
- Snowboarding: Halfpipe, freestyle, slopestyle, and big air.
- Miscellaneous Sports: Hockey, curling, and biathlon.
Why This Matters for Betting
Understanding the scope and structure of the Olympics helps you target profitable opportunities. For example, knowing that the host nations usually have an advantage can guide you to better value bets on home athletes.
The large number of events means niches like new sports often feature softer odds, creating opportunities for sharp bettors. Additionally, the compact schedule of the Games means staying informed can help you capitalize on rapidly shifting markets.
How to Bet on The Olympics – Basic Types of Bets
Betting on the Olympics is pretty simple since there are generally fewer options than many of the standard sports markets. Here are the main types of bets you can place on Olympic events:
Gold Medal Winner Bets
Also called the moneyline, you’re betting on who will take home the gold medal in a specific event. This is a straightforward and popular option for Olympic wagering on most events.
Top 3 Finishers
Bet on someone to take any podium spot for a gold, silver, or bronze medal. The odds are usually easier to hit than picking the outright winner, but the payouts are usually smaller.
Over/Under Bets
These involve wagering on whether a particular metric will go over or under the sportsbook’s line. These might cover the score of a game or the total medal count for a country.
Head-to-Head Bets
These bets pit two athletes, teams, or countries against each other, allowing you to focus on specific matchups rather than the overall outcomes.
Prop Bets
Prop bets are wagers on specific events or athlete performances. Some typical options during the Olympics include:
- Individual Performances: Medal counts, breaking records, top goal scorer on a team, etc.
- Country Achievements: Most medals, will a nation get more medals this time than the previous Olympics, etc.
- Event-specific bets: Will a game go overtime, or will someone get hurt or disqualified from an event, etc.?
Futures Betting
Futures bets let you wager on outcomes far in advance. These can be for things like medals or specific athlete achievements as well.
Understanding the Odds and How to Use Them For Betting
Betting on the Olympics is pretty straightforward, but having a better understanding of the factors that influence odds can help you make safer plays. From athlete performance metrics to external variables, knowing what drives odds can give you a competitive edge.
Below are some considerations and tips to help you make informed decisions and maximize your betting potential:
- Recent Athlete Performance – Athletes’ recent results in international competitions indicate form and readiness and heavily impact their odds. Performance consistency across similar events provides valuable insights making it a reliable predictor for betting.
Tip: Research results from the World Championships or regional qualifiers to gauge athlete momentum. - Host Nation Advantage – Host countries typically outperform expectations due to familiarity with venues, fan support, and reduced travel fatigue. Odds makers look at historical medal count increases for host nations and athlete representation across disciplines.
Tip: Focus on host nation participants in events with fewer global competitors, like shooting or judo. - Favorites Are Heavily Backed – In high-profile events, odds for favorites may offer low payouts. Look for value in lesser-known sports or underdogs with strong recent performances.
Tip: Find value in odds for lesser-known sports that don’t have huge favorites tilting the scales. - Global Factors Influence Odds – National pride and global fan bases often skew odds, particularly for well-known athletes or countries. Be cautious of public bias.
Tip: Compare odds across multiple sportsbooks to identify discrepancies caused by regional betting preferences. - Impact of Rule Changes – Newly introduced rules or formats in Olympic events can alter traditional performance metrics. Understand these changes to gain an edge.
Tip: Focus on events with updated formats, such as skateboarding or surfing, where historical data may not apply. - Trends in Multi-Event Athletes: Athletes competing in multiple events often show fatigue or peak inconsistently. This can impact their odds across events.
Tip: Bet cautiously on athletes spreading their efforts over several competitions; focus on their primary event.
Proven Olympic Betting Strategies
Betting on the Olympics is easier when you have actionable strategies to apply immediately. Here are detailed approaches to improve your chances of success:
Focus on Underdogs in Niche Sports
Many Olympic sports receive less public attention, which can lead to undervalued odds for underdogs. These athletes or teams often outperform expectations due to years of dedicated preparation.
Strategy: Identify niche events like archery or fencing and analyze recent world championship results. Bet on underdogs with strong qualifying performances who may be overlooked by oddsmakers.
The Medal Chasing Strategy
Certain countries dominate specific sports due to historical investment and expertise. Understanding these trends can help you predict medal winners more accurately.
Strategy: Research countries’ past performances in events they are strong in, like gymnastics (USA), weightlifting (China), or rowing (Great Britain). Use this data to guide your bets on outright winners or top-three finishes.
Bet Early on High-Profile Events
High-profile events like the 100m sprint or swimming relays often see odds shift dramatically as the competition approaches. Betting early locks in value before public sentiment inflates odds.
Strategy: Place bets on clear favorites or promising challengers well in advance, using world rankings and recent performances as a guide.
The Inexperienced Market Technique
New sports filter in and out of the Olympics, and they often have less historical data, which can make odds less accurate. This creates opportunities for sharp bettors to find value.
Strategy: Focus on new events like skateboarding or breakdancing. Study recent results and athlete profiles to uncover hidden value.
Advanced Tips for Betting On The Olympic Games
Handicapping Olympic games requires analyzing a wide array of variables, from the diversity of sports to fatigue in the condensed schedule. Here are detailed tips to help you make informed wagers:
Betting Tip #1Analyze Athlete Matchups Based on Historical Data
Evaluating athletes’ head-to-head records can provide crucial insights, especially in events like track, swimming, or combat sports, where individual performances are key. Databases like World Athletics and FINA rankings can be used to compare recent performances.
Example: In the 2020 Tokyo Olympics, swimmer Caeleb Dressel consistently outperformed his competitors in freestyle events, a trend reflected in his head-to-head dominance during the qualifying rounds.
Betting Tip #2Consider Event-Specific Factors
Each sport has unique characteristics that can influence outcomes. For instance, gymnastics scores heavily rely on execution, while sailing depends on wind patterns and equipment. Research the specific scoring systems, environmental factors, or equipment regulations for each sport. Tailor your bets to align with these nuances, such as favoring seasoned athletes in judged events.
Example: Simone Biles’ unexpected withdrawal in 2021 highlighted the importance of mental readiness in gymnastics, an event where pressure can determine outcomes.
Betting Tip #3Track Athlete Fatigue Across Multiple Events
Athletes competing in several events often experience fatigue, which can lead to diminished performance in later competitions. Look at the schedule and analyze the recovery time between events. Bet against fatigued athletes when facing fresh competitors in finals or semifinals.
Example: In 2016, swimmer Katie Ledecky focused on strategic scheduling, dominating her primary events while forgoing less critical races to conserve energy.
Betting Tip #4Monitor Weather and External Conditions
Outdoor events like marathon running, cycling, and rowing are heavily influenced by weather. Heat, humidity, and wind patterns can change the dynamics of a race. Check weather forecasts for each event. For instance, bet on runners from hot climates in high-temperature marathons.
Example: The 2021 women’s marathon in Tokyo saw slower times due to high temperatures, favoring athletes accustomed to running in similar conditions.
Betting Tip #5Focus on Emerging Stars in Lesser-Known Sports
The Olympics often showcase rising talent in sports that are less prominent during non-Olympic years. These athletes may offer excellent betting value. Research up-and-coming athletes in newer Olympic sports. Use junior championship results or social media to gauge their potential and confidence leading into the Games.
Example: In skateboarding’s Olympic debut, 13-year-old Momiji Nishiya claimed gold, surprising many bettors but not those who followed her international junior performances.
Betting Tip #6Leverage Multi-Sport Dynamics for Value Bets
Some athletes compete in multiple sports or disciplines, which can lead to fatigue or provide valuable experience depending on the scheduling. Identify athletes competing across multiple disciplines and assess whether their schedules complement or hinder peak performance.
Example: Czech athlete Ester Ledecká won gold in both alpine skiing and snowboarding at the 2018 Winter Olympics, surprising sportsbooks that didn’t anticipate her cross-discipline dominance.
The Best Sites to Bet on the Olympics
When choosing a sportsbook for Olympic betting, it’s important to consider both offshore and regulated platforms, as they each offer unique advantages.
Offshore sportsbooks often provide broader market options and competitive odds for niche events, making them appealing to seasoned bettors. On the other hand, regulated sportsbooks typically focus on popular events and provide the added security of local oversight and licensing.
Ultimately, the best site for Olympic betting depends on your preferences and priorities. Most sites deliver in-depth stats and insights to varying degrees, which can be invaluable when handicapping Olympic events. So, take the time to compare features and choose a platform that aligns with your needs.
Going for Gold One Bet at a Time
It’s clear that The Olympics present an unparalleled betting experience. You’re basically blending the thrill of international competition with the challenge of analyzing diverse events and packing it all into just three weeks.
Preparation is key to making the most of your Olympic betting journey. Staying informed about the latest news, analyzing historical trends, and understanding each event’s unique characteristics can help you uncover hidden value. To succeed, prioritize managing your bankroll effectively and leveraging the tips and strategies we laid out above.
Whether you’re betting on a nation’s medal count or which diver is going to claim the gold, the Olympics provide a wealth of options for every type of bettor. With a thoughtful approach and a little bit of luck, you can maximize your enjoyment and maybe snag a few wins along the way.
FAQs
A few commonly asked questions from our readers.
What makes betting on the Olympics different from regular sports?
The diversity of events, athletes, and the quadrennial nature of the Games make Olympic betting unique. Unlike traditional leagues, there are no “seasons” to analyze, which means bettors must rely on recent world championships or qualifying events for data.
Are there live betting options for less mainstream Olympic sports?
While live betting is more common for events like basketball or swimming, some sportsbooks now offer live odds for niche sports like fencing or archery. The availability depends on the sportsbook and the event’s popularity. Check the offshore sites for expanded markets and a wider array of live betting options.
Can I bet on world records being broken?
Yes, many sportsbooks offer prop bets on whether world or Olympic records will be broken in specific events. Factors like advancements in technology, athlete form, and conditions can influence these outcomes.
What role does the host nation play in betting decisions?
Host nations have the home-field advantage and often do well. However, this influence on the overall results can vary depending on the sport and the athletes’ skill level. You can usually give the host nation an edge in their top sporting events.
Are there risks in betting on newly added Olympic sports?
New sports often lack historical data, making outcomes harder to predict. While this increases risk, it also presents opportunities for bettors who do thorough research on emerging athletes and teams.
