Americans Expected to Bet Big on US Dominance in Olympics: Sportsbooks

Betting interest in this year’s Olympics is expected to be sky-high, with sportsbooks gearing up for a surge in wagers driven by the dominant U.S. basketball and soccer teams. According to John Ewing, a spokesman for BetMGM Sportsbook, this year’s Olympics could be the most bet-on in history.

One key factor contributing to the anticipated increase in betting is the growing number of states legalizing sports betting in the U.S. Currently, 38 states plus Washington, D.C. offer legal betting, up from 22 states during the Tokyo Olympics. Joe Maloney from the American Gaming Association highlighted that 164 million adults in the U.S. can now legally bet on the Olympics, compared to 97 million three years ago.

Geography also plays a role this year, with Paris being just six hours ahead of New York, making it easier for U.S. customers to follow and bet on events compared to the Tokyo Olympics. Additionally, the U.S. is expected to dominate the Games, with the men’s and women’s basketball teams and the women’s soccer team being clear favorites for gold.

Despite the U.S. teams’ dominance, betting on them comes with a high price. The men’s team is favored by -650 to win gold, while the women’s team is at -1400. Tim Whitehead from BetRivers pointed out that despite being heavy favorites, the U.S. men’s team only won by a single point in a pre-Olympics warm-up game.

Overall, sportsbooks are anticipating a significant increase in bets compared to the 2021 Olympics. Chris Pearce from Caesars Sportsbook expects the handle on basketball, track and field, and swimming to skyrocket. Fans can even bet on obscure sports like rock wall climbing and break dancing, which are now Olympic events.

Kevin Hennessy from Fanatics Sportsbook highlighted that the most popular market for bets is on the 100-meter race, with some states prohibiting betting on events with judge’s scores, like gymnastics. So, while the U.S. teams may be heavy favorites, the excitement and anticipation for this year’s Olympics are higher than ever in the world of sports betting.