The Summer Olympics are a bettors and a bookie’s dream with multiple sports, a variety of competitions, and unique ways to take bets and to make them. Not only can you bet on a specific sport or game outcome, but you can also bet on entire nations and how they will finish. Plus, there are both team bets and individual wagers to track throughout the two-week event.
Nation Medals Betting
The 2020 Tokyo Olympics got postponed to 2021 because of COVID-19. They are slated to begin on Friday, July 23, and end on Sunday, August 8. Attendance at events, including the prestigious Opening Ceremonies, will be severely limited, and foreign travelers are not allowed.
This could give host Japan a boost in some events with home-field advantage. At the 2016 Olympics in Brazil, Japan finished sixth in the medal table with 41 total medals and 12 golds. Their total to bet right now is 55.5 (Over +100, Under -139) with a gold medal total of 29.5 (over +100, under -139.5).
The United States led the way at the 2016 games with 121 total medals and 46 gold. Oddsmakers expect a slide back this time around with the total set at 110.5 and 42.5 golds.
You can also take one nation against another. For example, Japan against Great Britain straight up for gold medals. The Brits were second in 2016 with 27 goals, but host Japan is -120 to have more this time around with GB at +110.
Team Sport Betting
The market is ripe for team sports betting, especially in the sports that the United States traditionally has success in. Men’s and women’s basketball, women’s soccer, baseball, softball, women’s gymnastics, and men’s and women’s volleyball are great team sports to take and make bets in for the Olympics. The U.S. has qualified in each of those sports and is the favorite in both basketball tournaments, women’s soccer, women’s gymnastics, and softball.
A unique aspect of Olympics betting is the podium bet. Much like horse racing, you can take a bet on a team to finish “Top 3” meaning they win a medal, but you don’t have to specify which one.
Individual Sport Betting
Not all odds are currently available for individual sports, and qualifiers are still going on. In some cases, like tennis and golf, high-profile professionals have not yet announced intentions to play. Serena Williams did announce this week at Wimbledon that she will not play in Tokyo, while Roger Federer said a decision would be made after the two weeks in England. 
The Williams announcement changed the women’s tennis odds with Ash Barty from Australia now the favorite alongside Japan’s Naomi Osaka at +500. Osaka withdrew from both the French Open and Wimbledon, so bets on her from this far out should be minimal.
Betting on other individual events, especially swimming, gymnastics, and track and field, will be popular this summer. Knowing who won back in 2016 and in the most recent World Championships for each event is crucial to both setting the odds and making the correct picks.
Prop Bets
Much like the Super Bowl, prop bets are popular with the Olympics, and you can have some fun with it too. Some places will take bets on who the flag bearer for a nation will be at the ceremonies. Or you may find a bet on whether a drug test will be failed or a protest will happen on the podium. A popular Olympics prop bet is if the flame will go out during the games.
Live Bets
While it may not be practical to take a live bet in, say the 100m race, which is done and dusted after 10 seconds, live betting team sports or even longer individual races will keep the audience engaged. One challenge with the Olympics in Tokyo is the time difference, which is 13 hours ahead of the U.S. east coast. So while your hardcore fans and bettors will be live streaming and following along, the casual fans on NBC in primetime will be delayed and watching events that are already over.
Keep an eye on the official schedule. Know when an event is happening live in Japan and how the weather may impact the day’s events.
The Olympics give a variety of options for die-hard sports fans and casual bettors. As with any other sport, being prepared with research and knowledge is always the way to go. Make sure to keep up with your latest betting news coverage and strategy at WagerHome.com.
