Olympics Betting Guide & Tips

Olympic Games Betting Guide

Olympic Games betting is sure to be new for many bettors, and, with so many events to choose from, learning how to bet on the Olympics could be overwhelming. Let us guide you through Olympic Games betting with some basics on reading odds and tips for making smarter Olympic bets.

How To Bet on the Olympics

The 2024 Paris Olympic Games will start on July 26, and, thanks to the increase in legalized sports gambling, this year’s Summer Olympics should be the most bet-on ever. Follow our Olympic games betting guide to make smarter wagers in this mostly unfamiliar market.

Types of Olympic Bets

Not all Olympic bets are made in the same way as in other major sports; in fact, there are different types of bets available to bettors for the 2024 Summer Olympics. How to read Olympic odds can be intimidating for people new to the betting world, so we have broken down and simplified the types of Olympic bets so you can make more insightful wagers this summer.

Moneyline

Betting on the moneyline — sometimes referred to as ML — is one of the most straightforward bets you can make — all you need to do is pick the winner. The odds are based on implied probability. If a team is a big favorite to win, its probability is high and will have lower odds. You can use our odds converter & moneyline calculator to see a team’s implied probability based on their odds.

Most of the time, the odds are displayed in American odds (hundreds), with the bigger negative number being the favorite while the higher odds would be the underdog.

**Example:**
Teams	Odds
United States	+110
Canada	-120

Canada at -120 would be considered the favorite. To win $100, you would need to wager $120.

Conversely, a $100 bet on the United States would net $110 if they won.

Olympic Over/Under

Olympic Over/Under totals work exactly like other sports’ totals. Books set an educated number on something, and we choose whether we think the final total will be below (Under) or above (Over) that set total. Most totals are set at half-numbers which eliminates the chances of a push or a tie.

**Example:**
Teams	Total Points	Odds
USA and Spain men’s basketball teams	185.5	-110 (Under/Over)

If the game finishes with 186 total points or more, Over bettors win. If the total points equal 185 or fewer, Under bettors win.

Point Spread

Points spreads to create a more even bet between two teams that are not equal. Books set a line (the point number or spread), and bettors choose if the favorite (the “-” team) will win by more than that set number or if the underdog (the “+” team) will not lose by that set number.

**Example:**
Teams	Spread	Odds
United States	+1.5	-225
Canada	-1.5	+180

Canada needs to win by two or more goals to cover the spread and win the +180 bet. If Canada wins by one goal or loses, bets on the United States at +1.5 (-225) will pay out.

Prop bets

Prop bets — short for propositions — are a way to wager on unique situations or markets. The Olympics will offer a variety of prop bets, including many Yes/No markets, such as whether a world record will be set in the men’s 100-meter sprint event.

**Example:**
Will the Paris Olympics be canceled?	Odds
Yes	+300
No	-500

A $100 bet on No at -500 would net backers $20 if the Olympics weren’t canceled. The same $100 bet on Yes would pay out $300 if they were canceled.

Futures

Future bets are long-running markets that take longer to pay out but provide extended entertainment. Common Olympic bets would include a country’s total medal count or a certain nation winning a gold medal in a specific competition.

**Example:**
Country	Odds
China	-800
Russia	+800
Canada	+1,400
United States	+1,400
Norway	+6,600

Parlays

Parlay betting allows you to bet a little and possibly win a lot by adding multiple bets together. All bets (also called ‘legs’) must win for a parlay to pay out. Most sportsbooks allow Olympic parlay bets.

Live Betting

Most online and mobile sportsbooks offer live Olympic Games betting, allowing bets on live events such as basketball and track and field with different totals, point spreads, and odds than pre-game numbers.

Olympic Betting Tips

When betting on Olympic odds, consider these key factors before placing a bet:

Set a Budget: Determine a fixed amount of money you are willing to wager and stick to it. This helps prevent chasing losses and promotes responsible gambling.

Avoid Chasing Losses: If you experience a losing streak, resist the temptation to increase your bets to recoup losses. Stay disciplined and maintain your pre-determined betting limits.

Understand the Sports and Events: Take the time to learn about the various Olympic sports and events. Familiarize yourself with the rules, key athletes, and recent performances.

Analyze Historical Data: Look at past Olympic results, recent competitions, and athlete form. Historical data can provide valuable insights into potential outcomes.

Study the Odds: Understanding how odds are set and what they represent is crucial. Research how different sportsbooks set their lines and find the best value bets.

Check Player Availability: Injuries can significantly impact the outcome of an event. Make sure to check the latest injury reports and confirm the availability of key athletes before placing a bet.

Follow News Updates: Stay updated with the latest news from reputable sources to get information on any last-minute injuries or changes in team lineups.

Watch for Significant Changes: Substantial drops or increases in odds can indicate where sharp money is going. Sharp bettors are often well-informed, so following their lead can be beneficial.

Investigate Reasons Behind Movements: If you notice significant line movements, research the possible reasons. This could be due to recent news, injuries, or other factors influencing public opinion and betting patterns.

Begin with Small Bets: If you are new to Olympic Games betting or a particular sport, start with smaller bets to get a feel for the market and the events.

Gradually Increase Wager Size: As you gain more confidence and understanding, you can gradually increase your wager sizes. A cautious approach helps protect your bankroll and minimizes potential losses.

Consider Weather Conditions: Outdoor sports like athletics, rowing, and cycling can be heavily influenced by weather conditions. Check the weather forecast for the event day and consider how it might impact performances.

Factor in Venue Conditions: Different venues can have unique conditions, such as wind patterns or track surfaces, that affect the outcome. Research these factors to make more informed bets.

Diversify Your Bets: Spread your bets across different sports and events to minimize risk. Avoid putting all your funds on a single event.

Stay Updated with Live Betting: Many sportsbooks offer live betting options. Keep an eye on live odds and take advantage of opportunities that arise during the events.

Use Multiple Sportsbooks: Having s with multiple sportsbooks allows you to compare odds and find the best value for your bets. It also increases your chances of finding unique betting opportunities.

Also Learn About How to understand Betting Scores and Odds

Olympic Games Betting Pros and Cons

🔷 Pros

🔹 Wide Variety of Events and Markets

The Olympics feature a diverse range of sports, providing numerous betting opportunities. From mainstream events like basketball and track and field to niche sports like fencing and archery, there’s something for every bettor.

🔹 Opportunities for Prop and Future Bets

The Olympics offer a plethora of prop bets, such as predicting the total number of medals a country will win or whether a specific athlete will set a new world record. Future bets, like which country will win the most gold medals, add excitement and long-term engagement.

🔹 Potential for High Payouts with Parlays

Parlay betting allows you to combine multiple bets into one, increasing the potential payout. Successfully predicting multiple outcomes in a single bet can lead to significant winnings, making parlays an attractive option for bettors.

🔶 Cons

🔸 Less Familiarity with Many Sports

Many Olympic sports are not followed closely outside of the Games, leading to a lack of familiarity and knowledge. This can make it challenging to make informed bets and increases the risk of losing.

🔸 Higher Variance Due to Less Predictable Outcomes

The unpredictable nature of the Olympics, with many athletes peaking at the right time or performing unexpectedly, leads to higher variance in betting outcomes. This unpredictability can make betting riskier compared to more familiar sports leagues.

🔸 Long Wait for Futures Bets to Pay Out

Futures bets, such as predicting the overall medal tally for a country, require waiting until the end of the Olympics to see a return. This long wait can tie up your betting funds and requires patience, which might not be ideal for all bettors.

In a Nutshell

Betting on the Olympics can be exciting and potentially profitable with the right approach. Understanding different bet types, conducting thorough research, and starting cautiously can enhance your betting experience. Enjoy the thrill of the Olympics, and bet responsibly

Olympic Games Betting FAQs:

What types of bets can I place on the Olympics?

You can place moneyline bets, over/under totals, point spreads, prop bets, futures, parlays, and live bets.

How do I read Olympic betting odds?

Negative odds (e.g., -150) indicate the favorite; you bet that amount to win $100. Positive odds (e.g., +200) indicate the underdog; a $100 bet wins you that amount.