Last updated on: March 16th, 2022

Legal Olympics Betting

The Olympics is one of the most viewed sporting events in the world, so it’s only natural that sportsbooks offer legal Olympics betting odds. When the Winter Olympics come along, residents in states that have legalized sports betting will be able to place bets at local sportsbooks. But online wagering sites host betting lines to get in on the 2022 legal Olympic betting action no matter where you are located. As a general rule, there are more wagers available for the Summer Olympics than the Winter Games, but both will feature hundreds of different disciplines with scores of bet types and tens of thousands of available wagers across the three weeks. Once you’re finished reading this Olympic sports betting guide, you should be ready to wager on the Olympics. And if you need extra practice, most of the Games’ individual sports will have their world championships’ odds featured just beforehand. This way, you can familiarize yourself with all of the world’s best athletes and their unique strategies before the Olympics itself gets underway.

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Most Popular Summer Olympic Events For Bettors

For the Summer Olympics, there are a ton of popular events, ranging from track and field events – everyone knows Usain Bolt – to swimming and more. Additionally, soccer as an Olympic sport has become a place for young prospects to break out into the larger consciousness, and it has gained significant popularity in America as The Beautiful Game has grown stateside. Because there are so many popular events in the Summer Olympics, bettors have a ton of options when choosing wagers for Paris 2024.

How To Sign Up At Legal Olympics Betting Sites

Signing up for a legal online sportsbook is one of the simplest things to bet on the 2022 Winter Olympics. They require basic information upon signing up such as your first and last name, date of birth, and other basic requirements.

Sportsbook Registration Steps

  • First/Last Name
  • Date Of Birth
  • Phone Number
  • Email
  • Password
  • Currency Option
  • Postal Code
  • Welcome Bonus Selection

Shopping Lines At Olympics Sportsbooks

Shopping the lines at online sportsbooks for Olympic game events is the best way to play. What shopping the lines entails is comparing odds at multiple sportsbooks to find the best possible betting line. This helps players win even bigger and also allows betting fans to hedge their bets. For example, there are betting lines on men’s hockey in the Winter Olympics. One sportsbook could have the U.S. at +1400 odds to win while another could have them at +1600. Taking the +1600 odds would be more profitable if they win. Only looking at one betting line, betting fans would miss out on potentially more money. Shopping the lines allows betting fans to fully maximize their winning potential by comparing odds over multiple books.

How To Deposit Into A Legal Olympics Sportsbook

olympics-logoDepositing into a legal sportsbook can be a tricky thing for the newcomer, but it’s really not any more complicated than signing up for any paid service. If you’re using a land-based sportsbook or a regulated online book, you can use just about every payment model you can think of. You can fund your account via Visa, Mastercard, American Express, PayPal, Neteller, Skrill, eChecks, PayPal, and the increasingly popular PayNearMe service. Most US-based books will not accept cash, however, so keep that in mind.

If you go the offshore route, all of the top books accept Visa and Mastercard credit and debit cards, and most books also take international prepaid or credit-branded gift cards. Most books will also accept cashier’s checks, bank wires, and money orders, as well as person-to-person payments facilitated by companies like Western Union and MoneyGram. The one area where offshore online books really shine on the deposit front, however, is that they all accept Bitcoin and other cryptocurrencies. These are the most popular choices for funding overseas sports betting accounts, and US-based books simply do not accept crypto as yet. This may change in time for the next Olympiad, but for now, if you’re a fan of Bitcoin (and altcoins like Ethereum, DASH, Bitcoin Cash, Cardano, Stellar, Ripple, Litecoin, and more), you’ll have to stick with a top-rated, reputable offshore book.​

Picking The Best Olympics Betting Bonus

One place where offshore online sportsbooks shine is in the bonuses they offer. Most land-based books and domestic Internet-based books simply do not have competitive bonuses – if they have bonuses at all! So if you’re after a valuable bonus to kick off your Olympic betting and pad your bankroll, you will need to go with an overseas solution. Then, all you’ve got to do is pick the book with the best bonus or bonuses for your needs.

Most sportsbooks will offer a welcome bonus for first-time deposits, worth between $250 and $1,000 in free-plays. However, be aware that these and other Olympic betting bonuses will come with terms and conditions that you must adhere to. One of these is “rollover.” Rollover is the amount of total money you have to wager in order to be eligible to withdraw your winnings. For example, Bovada has the best, most accessible first-timer bonus in the business. It will match your deposit by 50% for a total of $250 in free-plays. While this seems like a low amount (it is!), it also comes with a super low 5X rollover. Other bonuses often come with rollovers of 10X or more.

To show you how rollover works when picking the best Olympics betting bonus, let’s use Bovada’s aforementioned Sports Welcome Bonus. If you sign up at Bovada to bet on the Olympics and put in $500, you can claim the maximum $250 in bonus bucks. This makes your first deposit worth a total of $750. In order to withdraw any winnings associated with this deposit, you will have to meet the 5X rollover – that is, you’ll have to wager at least $3,750 before you can ask for a withdrawal. Of course, your winnings can be used to wager, meaning that you don’t have to go $3750 out of pocket. A good bettor can easily meet the 5X rollover terms without depositing even a single fresh dollar.

How To Bet On The Olympic Games

Like all forms of sports betting, knowing how to bet on the Olympic games is simple, but making the correct bets requires a bit of knowledge. Every event will have betting lines and odds for you to wager on. Similar odds like moneyline, spread, and over/under will be available for the sports that are applicable. You will be able to wager on sporting events like basketball, track and field, gymnastics, and diving all with betting lines for every country participating. You will also find prop bets like how many medals a given country will have. The Olympics brings forth a slew of betting opportunities for sports bettors. The options on offer at online sportsbooks are substantial, and with the wide array of events during the Olympics, betting opportunities are increased.

Olympics Straight Betting

The straight moneyline, or straight-up bet, is the most common type of Olympics wager you’ll come across. With straight betting, you simply pick the winner of any given individual or team event, and you’re paid out according to the associated moneyline odds. All wager types have their associated moneylines (which indicated the financial terms, or “odds”, of the bet), but straight betting is wholly defined by the moneyline – there is no handicapping involved. An Olympic straight bet on, say, a soccer match, will look something like this:

– Brazil -135 vs. Germany +140

The favorite (in this case Brazil) is always shown with a negative moneyline, which indicates how much money you have to wager to win $100. Meanwhile, the underdog (in this case Germany) is almost always shown with a positive moneyline, which is how much money you stand to win on a $100 wager. (Moneylines are ratios, not minimums, as most Olympics betting sites will take bets of as little as $0.50 to $1.00.)

Olympics Spread Betting

Spread betting is less common in the Olympics (it is an absolute standard in most sports), though you’ll find plenty of spreads over the course of the tournament. Spreads are typically used mostly in team sports, as they are a way to handicap the favorite to encourage more betting on both sides. The following rugby line is an example of Olympic spread betting:

– Fiji +7.5 (-110) vs. Japan -7.5 (-110)

Here, Fiji is a 7.5-point favorite over Japan, who is consequently a 7.5-point underdog. Thus, a wager on Fiji is only a winner if they beat Japan by 8 or more points. A wager on Japan will be a winner if Japan wins outright or loses by up to 7 points. Half-point increments are usually used to avoid “push” results, which causes the sportsbook to refund all action on the wager and is thus unprofitable for the service. Note the moneyline in parentheses, which shows that regardless of which team you choose, the bet’s “cost” is a ratio of $110 risk to $100 reward.

Olympics Totals Betting

Olympic totals betting is the third of the “big three” wager types you’re going to come across when betting on the Games. Unlike the above two, however, totals bets aren’t concerned with winners or losers. Instead, they are numbers assigned to a contest that represent the final total points scored between both teams or competitors. The sportsbook picks a number, and you simply wager on whether the total final score will be higher than (“over”) or lower than (“under”) that score. This is why totals wagers are often called over/under – aka O/U – wagers. Consider the following Olympic basketball totals line:

– United States vs. Spain O/U 161.5 (-110)

In this matchup, your sportsbook has set the O/U at 161.5 points. Let’s say the US beats Spain 82-76. This adds up to 158 points, which is under the book’s published number. Thus, the “under” bet wins. Had the final score been something like 94-87, that would have added up to 181, well over the book’s O/U threshold, so the “over” bet would have won. Again, note that the associated moneyline or “price tag” is included in parentheses beside the bet.

Olympics Futures Betting

similar to any other sport. Here you are betting on which country is going to win the gold medal in a specific sport. Looking at the Winter Olympics for example, there are odds on both the men’s and women’s hocket gold medal winners. Canada is favored for the women with -120 odds while Russia has +150 favored odds for the men. $100 would profit $83 on the women while there would be a $150 profit on the men’s odds.

 

Other Legal Olympics Sports Betting Options

There are legal Olympics betting options you’ll come across at various sportsbooks both online and on-land. These include things like futures bets, player prop bets, team prop bets, specials, parlays, and more.

Futures are extremely prevalent in Olympics betting, as large field odds are posted well ahead of time of most contests. Individual sports have especially robust futures selections, where you can wager on certain outcomes weeks or even months in advance. 

Prop bets take the form of over/under and “yes/no” bets, and these can be individual-based or team-based. Examples of Olympic prop bets would be to pick whether or not a certain athlete will clear the 100-meter sprint under a certain time limit or whether a basketball team will give up more or fewer than a given number of points in the paint. 

Specials bets are akin to props, but they’re typically concerned with things that are ancillary or tangential to a given matchup. Even the Olympic Games itself can have specials bets, like how long each country’s anthem will be on opening night to how many spectators will be in the stands for a particular soccer match. Additionally, bettors can string multiple wagers together to form parlays, which will always pay out better than hitting on all the constituent bets individually. If a wager is live at your book of choice, chances are you can add it to a parlay ticket. 

Betting On The Olympics From Your Mobile Phone Or Tablet

With all the different ways to wager on the Olympics, you might feel overwhelmed. Don’t! In fact, not only is it simple to read the odds boards and wager on the Olympics, you can do so quickly and efficiently, even on your smartphone or tablet! All of the top offshore sportsbooks have mobile-optimized betting interfaces for their wagering products, allowing you to quickly find what you’re looking for and submit wagers in just a few taps and swipes.

Some domestic US books even have online, mobile interfaces, though these – unlike the offshore solutions – are geo-fenced to your state’s borders. That is, in order to use a state-licensed online book to wager on the Olympics, you’ve physically got to be in the state at the time you place your wager. Offshore books are not bound by these same regulations, however, so you can use them anywhere you are in the entire country. Otherwise, the experiences will be very similar, with the exception that offshore, overseas books do tend to have more wagering options than you’ll find at domestic sites. 

Live Betting On The Olympics

Live betting on the Olympics is the best way to take any sport that you’re not too sure about and turn it into something that gets you on the edge of your seat. Live betting odds on the Olympics are odds that update and change based on the outcomes of certain events in a match or game in real-time. This means if you’re watching Olympic basketball or Olympic soccer you can place a bet at half-time or while the clock is ticking.

The real appeal of this kind of wager is that you can react to events as they happen. For example, if you’re betting on a team in a soccer game, and the other team scores an early fluke goal, you might be able to get better odds on the first team. This can provide a solid chance to double down. Similarly, if you’ve noticed an exploitable matchup in the first half and want to hedge your bet, live betting during a lull in the action can help you achieve this. Basically, live betting is a great tool for doubling down and hedging if that’s how you like to gamble, and it also provides more betting volume than you can shake a stick at.