Against all odds, despite the pandemic, the Tokyo Olympics have begun. With the proliferation of online sports betting over the last four (actually, five) years, millions of bettors all over the world has their eyes on the global event.
Going For Gold
The main excitement of Olympics betting is to wager on the amount of gold primary countries such as USA, China, Japan will get, however, there are many sharp edges to consider, which tends to deter professional gamblers.
There are too many unpredictable elements to the Olym games. For team sports such as basketball and soccer, most of the players involved rarely play together and its hard to gauge how they will function together on the court due to the minimal historical data/statistics of their performance.
Furthermore, even Toshiro Muto, the head of the Tokyo Olympic committee, claimed hat he does not rule out the possibility of the Games being cancelled due to a surge in Covid-19 infections. Even if it’s the Olympics.The fast-paced and large variety of games also makes it hard for committed bettors to center in on a specific sport / series.
With that said, the large variety is at the same time, a literal gold mine for recreational bettors.
For many, the Olympics is considered a recreational event to watch over the month of the Olympics, and this is where the casual, new bettors swarms in to the scene.
DraftKings, is featuring a lot of Olympic betting lines because it’s the first year they’re able to do so. “Basketball will do well, soccer will do well, golf, tennis and table tennis will do well,” says Johnny Avello, the company’s head of race and sportsbook. But he says the handle for the most popular sport, U.S. men’s basketball, won’t surpass a regular season NBA game.
They’re also listing odds on more obscure sports to test the market, including badminton, handball, judo and surfing. There are even more obscure games such as the 50km “race-walking”.
A lot of the excitement will come from the semi-final games, which will lead up to the sensational gold-medal game which is obviously one of the biggest draw. At the same time, the losing teams of the semi-final games will still have to compete in the bronze-medal game, which is an addition that is uncommon in other sporting series / events, this allows for even more betting speculation. The action the Olympics bring is estimated to bring up to $100 million dollars for any given large North American sportsbook platform.
Krishnamurty predicts that big standalone events will bring $5 million to $10 million to a single sportsbook and the total handle for every Olympic event combined will surpass $100 million for any given sportsbook.
The Olympic Draw
Having a large swarm of amateur sports bettors in the Olympics is unsurprisingly, not a new thing. With it only occurring once every four years, this time five years due to the delayed Olympics caused by the pandemic, it has a lot of time to garner attention and interest.
While platforms usually only offer betting lines for large, often international games / league with an already large following, there are exceptions to be made for the Olympics. Rhythmic gymnastics, synchronized swimming, obstacle swimming, archery, have you heard of live pigeon shooting?
While the betting limits of these lesser known games tend to be lower, the quantity more than makes up for it. This is the time of the decade where most platforms expects to see a large surge of activity and often times, revenue as well.