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Betting apps have given us the opportunity to bet on practically anything – whether two fighters touch gloves, the colour of the Gatorade shower at the Super Bowl, and tons of mainstream and niche sports. Millennia ago, before sports betting was formalized and regulated, people bet on chariot races, dice games, and the ancient Olympics. Although the Olympic Games have been around since 776 BC, we’re still watching, betting on, and participating in them today in the 21st century.
The modern-day memes of people critiquing gymnastics routines and diving accuracy while sitting on their couches are in full swing in 2024. We’re seeing athletes perform at levels better than ever, beating records and setting new standards, and many of us are ready to amp up the stakes with our own predictions. With the Olympics only happening every four years, betting on the Games is a novelty you’ll want to take advantage of.
Popular Olympic Sports to Bet On
Betting on the Olympics is similar to betting on other sporting events, but on steroids (thankfully, not literally). The difference is that it encompasses a variety of sports on its own, all with their own rules, nuances, and betting styles. It’s great for learning how to bet on different types of disciplines and for discovering what you feel most confident putting your wagers on. Perhaps you’ll discover that team sports are your jam, or maybe staple events like track and field or the javelin throw are more your speed.
Naturally, team sports are a fan favourite to bet on, as they play out the same as matches and games in regular seasons. Otherwise, swimming events, track and field, diving, gymnastics, and classic events like discus, long jump, high jump, and the like are considered some of the most highly sought-after sports to gamble on.
Types of Bets
The types of bets you’ll see when you open up a betting app will differ depending on what you’ve got your eye on. For instance, team sports like Olympic basketball will look a lot like the typical format with a match winner, a three-way match winner that excludes overtime play, total points, winning margins, and so on. With events that concern individual athletes, like a 200m race, there’s usually only the option to bet on an outright winner.
Of course, there are also fun special bets or player proposition bets that can make the event extra exciting. Medal bets wager on which country will receive gold, and other creative bets could involve breaking world records. Depending on the sportsbook, you might also encounter more bets when it comes to performance metrics like an athlete achieving a certain time or reaching a specific distance range.
Olympic bets are relatively easy to grasp, considering the majority involve an outright athlete or country winner.
What to Consider When Betting
Just like betting on regular sports, you never want to go in blind or select your wagers entirely based on emotion. While this approach can be fun occasionally, you’ll need smarter tactics to back up your cash if you’re looking to get a return on your investment. A smart beginner strategy would be to choose a suitable gambling platform. While suitability can mean picking an app with a user-friendly interface or one that offers the payment methods you prefer to use, it could also mean researching platforms based on their reputability and looking for those with the best bonuses. If you’re looking to find the best betting platforms or even to find the best casinos in Canada, we recommend comparing and contrasting features like an abundance of options, including whether they combine sports betting and casino play, minimum deposits, perks, and more.
Comparing Odds
It’s also worth comparing odds across different sportsbooks to reap the best value. Not all sportsbooks offer the same odds – you might head onto Sportsbook A and find that the odds for the Brazil and Germany men’s basketball game are -110 for Brazil and +105 for Germany, while Sportsbook B has it at +135 for Brazil and -165 for Germany. By spending a bit of time on analysis, you might find that a certain sportsbook has odds that are more in your favour.
Researching the Athlete
When it’s time to bet, consider how much you know about the athlete or the team dynamics. Have you done your research and looked at head-to-head historical records, injury reports, and recent performances? For example, Kenya has an incredible track record (no pun intended) in long-distance running events, dominating other countries and setting world records. Betting against Kenya could be a risk you’re willing to take, but it pays off to learn these nuances and statistics before going full force. There’s always a good reason why the odds and lines are set the way they are, like why Noah Lyles is the favourite to win the Men’s 100m.
Gambling Responsibly
Although sports betting involves a little more control, it’s still a gamble, just like sitting down at a slot machine or being dealt a hand of cards. Because you’re handling real money, you’ll want to bet responsibly. Online platforms today come with various responsible gambling measures that help players set betting and deposit limits so that they don’t find themselves digging too deep into their pockets. There are also features like time-outs, activity monitoring, biometric safety measures, and reality check reminders, so you don’t get too sucked into sports betting and forget to live in the real world.
