A Comprehensive Guide to Betting on the Olympics

Once every four years, the world comes together to cheer on their homegrown athletic talent in the Summer Olympics. With the event being the pinnacle display of sportsmanship, Olympics betting is a thrilling and unique way to back your favourite athletes and hopefully make some profit out of it.

Throughout this page, we’ve explored the best Olympic betting sites, including sites that facilitate betting on the Paralympics. There are several factors that differentiate the good online bookies from the greats, and by the time you have finished this guide, you will have all the knowledge you need to pick the ideal site for your needs.

This is important, as there are different types of sites that will appeal to different punters. For example, some sites may excel in offering Olympics promotions, while others may provide live betting opportunities to those looking for a more fast-paced experience. So keep reading to discover a thorough guide to sports betting on the Olympics.

The Most Popular Olympic Sports One Can Bet On

Before the 2020 Tokyo Olympics began, an international study polled British bettors and asked them what sports they intended to bet on during the Olympics. The most popular sporting category was track and field. These include sprints, relay, hurdles, marathons, high hump, long jump, pole vaulting, triple jump, shot put and discus.

Other popular sports for Olympic games betting included football, boxing, tennis, gymnastics, swimming and cycling. Of course, thanks to Charlotte Dujardin’s recent performance, betting on the Team GB equestrian team was also a major for punters and we expect that this interest will continue at the upcoming Paris 2024 Olympics.

In the following table, you’ll find a list of the most popular sports at the Olympics and the most successful teams for each since the first modern Olympiad in 1896.

The Special Olympics is a significant and inspiring component of the broader Olympic movement. It is dedicated to providing individuals with intellectual disabilities the opportunity to participate in sports and showcase their abilities on a global stage. Like the mainstream Olympics, the Special Olympics embodies the principles of inclusion, determination, and excellence in sportsmanship. Through a wide range of athletic events, the Special Olympics promotes not only physical fitness but also social integration and self-confidence among its participants. This unique sporting platform fosters a sense of belonging, equality, and acceptance, emphasizing that everyone, regardless of their abilities, deserves the chance to compete, excel, and experience the transformative power of sports.

List of All Sports at the Pars 2024 Summer Olympic Games

The Paris 2024 Olympic Games are set to feature a diverse array of sports, maintaining traditional disciplines while introducing new ones to adapt to modern trends and appeal to a wider audience. Attendees and viewers can look forward to 32 Olympic sports, including classics like athletics, gymnastics, swimming, and various team sports such as basketball, football, and volleyball. Notably, the Paris 2024 Olympics will continue to feature newer additions like skateboarding, sport climbing, and surfing, which were popular among spectators at the Tokyo 2020 Olympics. Breaking, also known as breakdancing, will make its Olympic debut, showcasing an exciting blend of athleticism and artistic expression. This inclusion reflects the Olympic Committee’s ongoing efforts to rejuvenate the games and engage younger audiences worldwide.

How to Choose The Best Online Bookies to Bet on Olympics

Before you make your final decision about which betting site will be best for you Olympic sports betting, it’s essential that you consider several factors that indicate a site’s quality and trustworthiness. To begin with, you’ll want to be certain that the site has a dedicated Olympics and Paralympic betting category.

Here, you should find all 33 sports listed in both male and female categories approved by the International Olympics Committee. Some bookies may not accept wagers for all sports, which may be fine for those looking to wager on a specific sport. If this is you, make sure that the operator is offering odds for the events that interest you.

This brings us to the next topic: odds. The better the odds that are offered, the higher your wins. It’s worth doing an odds comparison between several high-profile bookies before you place your wagers to ensure you’re getting the best price. This is one reason that it may be beneficial to hold accounts with multiple bookies.

Before you sign up to these bookies, check to see that they’re offering bonuses. There may be special Olympics promotions such as free bets, risk-free bets, matched bets or boosted odds, or you could get boosted first-time deposit bonus funds. Take advantage of these offers to lower your risks, or even employ the matched betting strategy.

The Olympics in particular can be one of the best events for live betting, so you’ll want to make sure that your Olympic sportsbook has a live betting platform. On this note, make sure that the betting platform is fast, responsive, intuitive and easy to navigate to guarantee a seamless and stress-less experience.

Nowadays, most punters prefer to use their mobile devices for placing bets, as this tends to be the fastest and most convenient way to gamble. Many top bookies will have dedicated apps that allow you to complete all the major betting functions from depositing to building bets. Choose a betting site that is mobile compatible and user-friendly.

Saving the most important topic to last, you must always be sure that you are gambling safely. Only join sites that have been licensed by the UKGC, as these will have strong security and safety features, such as encryption and identification verification. They’ll also include mechanisms to protect players from potential gambling harms.

Olympic Betting Odds Explained

Before you sign up to any online betting site, it’s worth being sure that the odds are fair and competitive. The best way to do this is by undertaking an odds comparison with competitor sites. Firstly, you’ll want to make sure that the odds are formatted in the same way. In the UK, the most common displays are fractional or decimal.

Put simply, fractional odds show how much can be won in relation to what needs to be staked to win that amount. For example, odds of 5/1 would mean that for every £5 you could win, you’d need to bet £1. These are quite easy to compare with other sites. Decimal odds show how much you’d win, including your stake, from a £1 bet.

In practice, this means that odds of 1.5 would mean that you’d win £1.50 from a £1 bet, indicating a profit of 50p. It’s easy to change the odds format at UK bookies, and this includes for Olympic betting odds. You’ll just need to do this in your account settings.

Odds are calculated by bookies based on their profit margins, which tend to be outlined for different sports. If a bookie has an 80% margin on a certain sport, it means that it will pocket 20% and put the rest back toward winnings. The lower its margins, the more attractive its odds will be and the better for punters.

Keep in mind that odds will fluctuate closer to the event, and live betting in particular can see odds change by the moment. If you plan on live betting, it’s best to do your research well before it starts so that you can rely on your own judgment as opposed to experts.

Popular Betting Types at the Olympics

There will be different betting options for each sport when you gamble on Olympics events. It’s important to understand what these may be for each category. The most common bet type, which will apply to all sports, is a simple line bet, which is a prediction on which team or individual will win.

For track and field, you could bet on whether an athlete will be on the podium. You may also be able to bet on whether an athlete will set a new record, or make an over/under wage on a runner’s race time. There could be a Yes/No wager to a question, such as “Will (athlete) win the 100m sprint?”

For sports like football, you could make an over/under bet on the final score of the game, the first team to score a goal or a handicap bet. For those looking to make more generalised wagers, you could bet on which nation will win the most medals, or more specifically, golds, silvers or bronzes.

Many of the best Olympic betting sites will have a dedicated lobby during the games which will list all of your available options. This should debut in the months leading up to the games, whether this is for Olympic, Paralympic or Winter Olympics betting. Familiarise yourself with the options beforehand and compare sites with each other – the top ones will feature betting on the equestrian sports too, where you can opt for trixie, patent, each-way and many other horse racing betting options.

Hints and Tips for Successful Olympic Betting

The biggest tip you will most frequently hear about sports betting is to research. Many teams and players will have scorecards that will indicate their recent performance. By comparing competitors with one another, you can get a good idea of who is likely to triumph over who.

That said, you’ll want to focus your research on the major competitions for each sport in the years leading up to the Olympics. As the Games are held every four years, it probably won’t serve you well to rely on the data from any games before the previous one.

Four years is a long time in sports, as athletes can age and sustain injuries among other things. Be selective about your research. Another useful tip, as mentioned previously, is to compare odds with other betting sites. This will guarantee that you get the most profits for your accurate predictions.

Many bookies will offer promotions around the Olympics, so it could be worth opening a new account with a bookmaker you haven’t been with before. This could minimize your risk or even boost your odds to win and if possible, you could use the matched betting strategy to hedge your losses.

Of course, you should always set a betting budget before going into a pre-match or live betting scenario. By doing so, you will avoid chasing losses and only gamble within your means.

Conclusion

By now, you should know all the basics about Olympics betting and how to choose the best online bookmaker to suit your needs. As we’ve covered, the best thing to do is to check that a site offers markets that appeal to you and competitive odds on a high-quality, licensed and mobile-friendly betting site.

Take the time to understand and compare competitors’ odds, and commit to researching the performance of the competing athletes. When possible, take advantage of new player or reload bonuses to boost your profits and lower your risks, and of course, always gamble responsibly with fun being your top priority.

FAQs

Do you still have questions about gambling on the Olympic Games? If so, keep reading, as we’ve answered some commonly asked questions about Olympic betting below.