Beginners Guide to Betting on the 2024 Olympic Games

The 2024 Paris Olympics will be an excellent event for sports fans and bettors. With global TV and streaming viewership expected to hit record highs, online betting will likely also see record numbers.

We'll review the best sportsbooks for Olympic betting, explain betting lines and odds for the most popular sports, and describe the types of bets you can place. Additionally, we'll provide tips on finding a trustworthy betting partner and share our list of top Olympic betting sites. Let the games begin!

Betting on the Olympics for Beginners

With so many events on offer, there are many Olympic gambling opportunities, and the following is a suggested checklist on how to get started:

• Join a Sportsbook - Step one on your betting journey is to find an online bookmaker. It's easy to open an account, and we also provide a list of top-rated sites for betting on the Olympic Games
• Creating an Account - Fill in some personal details, enter your email address and create a password to get started
• Verify Your Account - This usually involves providing a form of identification and proof of address
• Make a Deposit—You can Deposit funds into your account. The best sites offer convenient options, including debit and credit cards, e-wallets, cryptocurrency, wire transfers, and more.
• Place Your Bets - Explore the betting odds and find a market you like. Once you’ve decided, placing the bet is relatively straightforward.
• Cash Out - You can usually use the same payment method to withdraw as you did to deposit; if not, then an alternative will be provided

The Olympic Games boasts strictly monitored sports events, which add credibility to results and ensure a fair betting landscape.

 Best Sportsbooks for Olympic Betting

When choosing an online sports betting website, several factors must be considered to ensure the most enjoyable and profitable experience when betting on the Olympic Games.

 Tips For Finding a Trusted Betting Partner:

• Licensed Betting Site: Make sure the betting website you choose is a licensed operator and check their credentials. A licensed operator will be regulated by the appropriate authority, ensuring your safety and security
• A Good Rating on OCR: OCR provides extensive information on the most trustworthy and reputable licensed online gambling operators, so make use of this essential tool
• Best Sports Betting Odds: Once you've decided to wager your money on the Olympics, you want to maximise your profits by choosing the site offering the best odds.
• Clear Bonus Terms: Always peruse the bonus T's & C's. There are so many betting sites available that you should find the one that offers the best bonuses to maximise returns.
• Easy Access to Support: When choosing a bookmaker, read our reviews to ensure they offer 24/7 customer service.

Based on the above, we recommend you consider the following sportsbooks before betting on the Olympics.

Top 5 Olympic Betting Sites:

• Bet365 Sports is a leading global betting brand with over 90 million customers worldwide and is licensed and regulated by the MGA
• 1xBet Sports offers over 1,000 events to bet on every day  and has been nominated for and won numerous iGaming awards
• 22BET Sports is a popular gambling platform that aims to provide its customers with a well-organised, reliable, and secure betting environment and covers over 1,000 sports events daily
• Stake Sports offers sports betting as part of its portfolio, and customers generally use cryptocurrency in their transactions rather than traditional currencies for their betting accounts
• GG.bet Sports is a renowned online bookmaker in South Africa known for its sports betting section featuring the most competitive odds on events from around the world

If, in the unlikely event, you’re searching for an Olympic event not covered by one of these betting sites, you can search for a reputable betting website or mobile app that will meet your needs online.

Understanding Olympic Betting Lines And Odds

Understanding betting lines and odds is important when placing bets on the Olympics or any other sporting event.

• Decimal odds are shown as one number, the amount you would collect on a $1 bet. If the odds are listed as 6.90, a winning bet would include a $5,90 profit and the original $1 bet, totalling $6,90
• Fractional odds are represented by 2 numbers separated by a slash, i.e. 10/1. The first number depicts the odds (e.g. 10x), and the second the stake. At 10/1, a $100 bet would be 1,000/100
• American odds are centred around $100. A $100 bet at +120 pays $120. A $100 bet at -140 pays $100; the increments can be scaled up and down

Be sure to set the odds at your betting partner to the formatting that makes the most sense for you. 

Top 10 Olympic Sports to Bet On?

The world celebrates the Summer Olympic Games every four years, showcasing human achievement. Before Tokyo 2020, a poll found that bettors favoured track and field events; to get you started, here's our list of the most popular Olympic sports to bet on:

1. Athletics: Athletics events, especially sprints and relays, are a highlight of the Summer Olympics. Top sportsbooks offer a wide range of track and field betting options.
2. Basketball: Globally popular, basketball offers bets on game winners, point spreads, and over/under totals.
3. Swimming: Swimming rivals track and field in popularity for betting, with extensive options based on previous years' records.
4. Tennis: With numerous matches, tennis offers opportunities to bet on match winners, totals, handicaps, and correct scores.
5. Boxing: Bet on division winners, a nation with the most medals, the method of victory, and total rounds.
6. Football: Popular football markets include both teams scoring, over/under goals, correct score, and anytime goal scorers.
7. Volleyball: Especially beach volleyball offers bets on first-set winners and winning teams' countries.
8. Cycling: Multiple events and disciplines provide ample betting opportunities.
9. Golf: Bet on the winner, first-round leader, top-10 finish, and head-to-head winners.
10. Extreme Sports: Surfing, skateboarding, and rock climbing bets include finalists and event-specific specials.

If the above sports don't meet your specific tastes, then be sure to check with your online betting provider to find an Olympic event to get you excited.

What Olympic Outcomes Can You Bet On?

There are several outcomes to bet on at the Olympics - we examine some of those here:

1. Betting on the Event Winner: Arguably the most popular Olympics betting option.
2. Medal Table Winner: You can place a wager on the athlete or nation to finish at the top of the Olympic medal table.
3. Head-to-Head: Online bookmakers offer head-to-head matches for the most gold medals won between two specific countries.
4. Over/Under for a Selected Country: You can place a bet on the number of medals a specific country will win, usually for gold medals or the total number of medals only.
5. Winning Any Medal: You can back a contestant to win any medal at the games.
6. Most Medals: This bet allows you to place a bet on the athlete, team, or country that will win the most medals.
7. Podium Finish: A popular bet on the Olympics is who will end up with a gold, silver, or bronze medal.

Before placing bets, refer to the sports betting guide for information on all betting outcomes catered for.

What Types of Bets Can Be Placed?

These are the bets you can place on any of the Olympic events:

• Moneyline:  Sports betting doesn't come any more straightforward than the win bet
• Point Spread: Here, you're predicting which participant will cover the spread set by the bookmaker, who makes them equal favourites. Favourites lose points, while underdogs gain points based on the spread's size.
• Over/Under: Bookmakers set a line for the number of goals, points, or runs in a game. You can bet whether the total will be above or below this line.
• Prop Bets: These are bets on specific aspects of a sport that do not directly affect the outcome of that event, such as who scores first or in what period of the game
• Futures:  Future bets are long-running markets. They take longer to pay out but have a more extended return regarding entertainment.
• Live Betting: Live betting allows bettors to get different odds than pre-event betting

Consider the event-specific bet types carefully to ensure the best entertainment value and the best returns, as well as your enjoyment and a healthy level of profitability.

Top Tips for Betting on the 2024 Olympics

A few key factors are to consider before placing a bet on the Olympics. Here are some valuable tips for beginners and seasoned punters alike:

• Play within your means: Set yourself limits and stick to them - often, the best bet is to abstain or step away if you feel like you're chasing games
• Don't bet blindly: Spend time digging into the available stats, and remember, a little research can go a long way to improving your ROI
• Watch for injuries: The Olympics are no different from other sporting events; key players are there for a reason, so injuries can negatively influence results and impact your bottom line.
• Follow the lines: A noticeable shift in betting, like the favourite's odds shortening, often signals a reason behind it. Significant changes in odds suggest that unseen factors might be influencing the situation.
• Watch the weather: The weather can play an essential part in the results of outdoor Olympic events.

We hope that this handy guide has been informative in educating the novice bettor on the best practices for betting on the Olympics - roll on Paris 2024!