Olympics betting guide - How to bet on the Olympics
There are many high-quality athletics competitions included as part of the Olympics, and winning a gold medal is the crowning achievement for many of the world's finest athletes. Our Olympics betting guide should give you all the info you need to navigate these vast and plentiful betting markets.
Olympics overview
Millions of people tune in to watch the Olympics, the event being a highlight for athletes and viewers all over the world.
Summer Games
There have been many iconic Olympic moments, and it is the zenith of professional sport. When the Summer Olympics are on, the world tunes in, and millions worldwide watch the opening and closing ceremonies and the astonishing and elite displays of sport throughout the competition.
From legendary displays in track and field to magical boxing talent, awesome weightlifters, world-class triathletes and decathletes, and dozens of other athletics fields, the world's best compete against each other once every four years.
The 2024 Olympics is set for Paris, and today we will be shining a light on how to bet on the Olympics and the sort of Olympics betting odds you can expect to see when the world's greatest sporting spectacle starts its engines again for another exhilarating chapter.
Winter Games
The Winter Olympics celebrates the very best in ice-based sports and brings together elite-level skiers, snowboarders, figure skaters, curlers, and ice hockey titans, alongside others. The next Winter Olympics will take place in 2026 in Milan and Cortina d'Ampezzo.
Olympic betting markets guide
It's easy to get caught up in the Olympic fever, as so many different unique sports get the sort of airtime they don’t typically get, and hysteria and gold medal fever grip the biggest and smallest nations across all seven continents. It isn't just the individual sports and markets you can bet on though. You can also bet on a vast range of outright markets, and with each Olympics, digital sportsbooks are expanding the scope of markets available to you so that you can try and find value when browsing Olympic betting odds and Olympics betting opportunities.
Country with most medals
Historically, larger countries with substantial Olympic funding have consistently risen to the top of the medals table. Countries such as the United States, Russia, and China often rise to the top and begin to consolidate their position as the countries with the most medals. If you're wondering how to bet on the Olympics, it's not a basic case of simply seeking out the country with the most medals in history; much more goes into the research that makes up an Olympics betting strategy.
Breaking down individual events that countries excel at is a good start, and determining the best athletes in each field is also a good idea before you bet on the country with the most medals. The fascinating thing about these types of markets is that you aren't just waiting for one specific event to unfold, you have a vested interest in the entirety of the Olympics, and if your most medals bet goes right down to the wire, that means you have squeezed the most excitement out of your selection which has taken three weeks to come into fruition.
Country with most gold medals
This market works similarly to the previous section. Many experts consider gold medals the deciding factor in the medals table; even if a country has many more bronze and silver medals, the gold tally is often the key determining factor. Although there's a collective combination of all the medals that countries win, and there is some room for subjectivity, the countries that clear up in the traditional athletics fields will often hold more weight.
For example, the United Kingdom might get several gold medals in equestrian, an upper-class sport. While there is clearly skill in this sport, there are only a select few countries that can participate in this type of sport for apparent reasons. This means that an athletics medal, such as the 100 meters or the triathlon, holds more weight in the overall standing because there's broader and fairer competition.
If you're looking to place a bet on this market, it doesn't matter the perceived, subjective weight of the gold medal; it only goes by the amount. Factoring this into your bet is a good idea, as some minor, lesser-known events can cause a country’s tally to start piling up rapidly. If a country has a strong performance in one category with many medals, such as swimming, this may propel them to the top of the gold medal leaderboard and keep them there until the end of the Olympics.
Total medals per country
Falling broadly into the same category, the last few Olympics have included the usual countries heading toward the top of the leaderboard. One of the most significant value bets people look for in total medals is the home nation. London 2012 was an example of the home nation being strongly supported by a lively, vibrant home crowd that was riding the crest of the wave, driving Team GB to a much higher medal tally than usual.
With the next Olympics in France, there could be some value in France winning more medals than usual and finishing the total medals table in a stronger position than they normally would. This is just an observation and an example, but if you want to get serious about Olympic sports betting, taking some time to research information and tips and read various opinions are all components that should make up your strategy.
Remember, even with the most extensive research and copious amounts of understanding of even the most diminutive niche sports in the Olympics, there's no guaranteed strategy to ensure your bet is a success. Enjoying the Olympics and having a small side bet with money you can afford to lose is the best recipe for maximising your enjoyment in the world's greatest sporting spectacle.
Country vs country
If you're betting on any sports tournaments, outright markets can provide some great odds, and they often allow your Olympic bet to have much more longevity than betting on a specific event or race. Picking two countries to square off for your bet is a good way to understand the sports that specific countries excel at and those that might not be their forte.
Evaluating all of this and then making an informed decision as to which one will win the most medals is one of the sports bettors' favourite ways to get the most out of Olympic odds. If you pick the right countries, it could boil down to the final days of the competition, with a handful of events deciding it, making the nail-biting anticipation much more captivating.
Over-under number of medals
Betting on a country to get over or under a specific number of medals is one of the newer Olympic sports betting markets. However, it works similarly to the country vs country bet, one of the premium outright markets. Picking your medal number and cutting it as close as possible is where the actual value is. It's very difficult to get this right, as one or two upsets, either way, could result in it being curtains for your bet.
However, implementing a betting strategy might help you construct a better method. We have included some guidelines below. Mixed with good Olympics odds, these strategies can help you place informed bets.
Olympics betting strategies
While no betting strategy is guaranteed, performing the necessary steps to put yourself in the best position for your Olympic sports betting venture is always a much better idea than going in mindlessly without any sort of plan.
Know the sports
There's no secret formula to knowing how to bet on the Olympics, and if somebody tries to sell you an idea or strategy, then it is too good to be true. Olympics betting odds factor in several things, and understanding the sport is imperative though. For example, if you're betting on boxing in the Olympics, which is considered the pinnacle of amateur boxing, it is often the Cubans, Americans, and Eastern Europeans who are the ones to look out for, regardless of weight class.
However, London 2012 was an example of Team GB doing much better on the medal front than many boxing experts and analysts predicted. A lot of this was due to home advantage and a well-funded boxing program. Some wily boxing experts did call Britain's record haul accurately, and this was due to knowing the sport and recognising the variables which highlighted the potential hallmarks of success.
While there are many popular Olympic sports to bet on, it helps to pick the ones you are familiar with.
Check the previous edition
Although checking the form and past performance of international teams in previous Olympics can provide some idea as to how the medal tally could pan out, given that there are four years between each competition, it's always best to weigh up a series of other factors, such as researching the sport in more detail and exploring the athletes who are representing the country, their stats, form, competition history and ability to perform on the big stage.
With regards to exceptional athletes, such as Michael Phelps, it seemed that whatever Olympics he competed in, he would come away with a haul of medals. So, while the previous Olympics would have been a good indicator of what he would do, his overall ability clearly showed how far ahead of the competition he was, so checking the history is advisable. However, it's best to combine it with other types of research.
Check the stats
This one is relatively self-explanatory; checking the athletes' stats and how they have performed in similar events is a solid indicator of whether they might be able to channel their best form and end up at the top of the podium.
Check athlete form
An athlete can have all the talent in the world. However, if they're not in good form or fail to recapture their best form when it matters in top competitions, they might struggle to perform to the best of their ability on the biggest stage of them all. Form and momentum are vital in sports, and Olympic sports betting involves many moving variables to consider simultaneously.
Top countries to follow
While some might have got there more quickly than others, the table has taken a similar shape and then solidified to leave a group of seven or eight of the usual countries fighting it out at the top. While the order might change, and you may see an unexpected country slip into the top 10, generally speaking, the countries that make up the top total medals tend to be:
- United States
- China
- United Kingdom
- Germany
- Japan
- Russia
- France
- Italy
You can usually switch a few of them around, but it’s rare that the total medals top 10 table doesn't include these countries. The United States often has a robust set of athletes and swimmers, and Chinese and Russian athletes often excel in other areas of field and track. However, this isn't set in stone every Olympics, as there are plenty of surprise packages that can shake up the status quo.
Ireland at the next Olympics
Cycling, boxing, and certain track events have been strengths for Irish Olympians. The Paris Olympics should provide opportunities for some Irish names to find their way onto the podium, with the best chance at gold being Rhasidat Adeleke, who has been causing a storm in the women's 200m and 400m over the last 12 months.
How to bet on the Olympics at LeoVegas
If you are gripped by Olympic fever and looking at how to bet on the Olympics, LeoVegas has made the process as simple as possible. Once you sign up, you only need to deposit your funds, select the sports betting section and find the Olympics. You can then browse various Olympic sports betting markets before placing a wager on your chosen event.
FAQs
Q. Are all Olympic markets covered at LeoVegas?
A. Most markets will be covered, including outright markets for lesser-known sports. LeoVegas leaves no stone unturned when it comes to giving sports betting fans what they want during the world's biggest sporting showcase.
Q. Can I bet on the Olympics from my smartphone?
A. Of course, you can use your mobile phone or device to place your bets. You will have all the features available on desktop at your disposal.
Q. Is ante-post betting available for the Olympic Games?
A. Yes, you will be able to place your bets in advance before the event.