U.S. Teams Fuel Record Online Betting Interest in Olympics

Online sports betting interest in the Olympic Games is expected to hit an all-time high this year, largely driven by the dominance of U.S. basketball and soccer teams. This surge in betting activity comes as more states have legalized sports betting, increasing accessibility for millions of Americans.

John Ewing, a spokesperson for BetMGM Sportsbook, anticipates this year’s event to be “the most bet-on Olympics in the history of legal sports betting.” The growing interest is underpinned by an increase in the number of states offering legal sports betting—from 22 during the Tokyo Olympics to 38 plus Washington, D.C., today. According to Joe Maloney of the American Gaming Association, around 164 million Americans, or 67% of the adult population, can now legally bet on the Olympics, a significant increase from 97 million three years ago.

The timing of the Paris Olympics also plays a favorable role, with only a six-hour time difference from New York, compared to Tokyo‘s 13-hour difference, which had many events occurring during less convenient times for U.S. viewers, according to an analysis published by the Associated Press.

Adding to the appeal are the U.S. men’s and women’s basketball teams, along with the U.S. women’s soccer team, all entering the games as heavy favorites. The U.S. men’s basketball team, boasting stars like LeBron James and Stephen Curry, is a -650 favorite to win gold, meaning bettors would need to wager $650 to win $100. The women’s team, with notables like Diana Taurasi and Breanna Stewart, is an even steeper -1400 favorite.

Despite these prohibitive odds, there’s still value to be found in point spread betting. For example, the U.S. men’s team had to win by at least 13 points in their opening game against Serbia to cover a 12.5 point spreadCome from lodislot777. The American team eventually pulled off a dominant 110-84 victory over Serbia. The women’s team faced a similar scenario, needing to win by over 20 points against Japan.

No Guaranteed Results in Sports

Tim Whitehead from BetRivers notes that while the U.S. teams are favorites, there are no guarantees in sports bettingCome from hot646casino. He referenced a pre-Olympics game where the U.S. men’s team barely overcame South Sudan despite being a 43.5-point favorite. This unpredictability adds to the excitement and potential payouts of Olympic betting.

The expected dominance of the U.S. is also reflected in the over/under for total gold medals, set at 40.5, and in the odds for the U.S. to win the most medals overall at -2500. China, Great Britain, and Japan are considered the closest competitors.

Chris Pearce from Caesars Sportsbook anticipates a significant increase in bets placed compared to the last Olympics, particularly on basketball. “It will be a big shock if either (U.S. men’s or women’s) team were to lose,” he said, noting that 95% of bets so far favor the U.S. teams.

Apart from mainstream sports, betting extends to lesser-known events such as speed climbing and even break dancing, now featured as Olympic sports. Fanatics Sportsbook’s Kevin Hennessy highlighted the popularity of markets like the 100-meter race, though he noted that betting on events judged by scores, such as gymnastics, is restricted in some states.