Last updated on: October 5th, 2022

Legal Olympics Betting

The 2024 Summer Olympics in Paris, France will be one of the most-watched and bet-on sporting events in the world. Legal Olympic betting odds will offer hundreds, if not thousands, of different bets on all of the events. The 2024 Summer Olympics go from July 26th through August 11th, but with futures odds offered well in advance, it is never too early to start betting on the upcoming Olympic Games.

2024 Paris Olympics Logo
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Most Popular Summer Olympic Events For Bettors

The 2024 Summer Olympics in Paris are going to be stock full of events for sports fans to bet on. Each event has many different iterations such as individual, duo, and team-based competitions. Finding the best Olympic event to bet on comes down to personal preference and knowledge of the sport, but the most popular events are athletics (i.e. track and field), basketball, and soccer.

2024 Summer Olympic Sports

  • Archery
  • Artistic Gymnastics
  • Artistic Swimming
  • Athletics
  • Badminton
  • Basketball (3×3)
  • Basketball
  • Beach Volleyball
  • Bmx Freestyle
  • Bmx Racing
  • Boxing
  • Breaking
  • Canoe
  • Cycling Track
  • Diving
  • Equestrian
  • Fencing
  • Football (Soccer)
  • Golf
  • Handball
  • Field Hockey
  • Judo
  • Marathon Swimming
  • Modern Pentathlon
  • Mountain Biking
  • Rhythmic Gymnastics
  • Road Cycling
  • Rowing
  • Rugby
  • Sailing
  • Shooting
  • Skateboarding
  • Sport Climbing
  • Surfing
  • Swimming
  • Table Tennis
  • Taekwondo
  • Tennis
  • Trampoline
  • Triathlon
  • Volleyball
  • Water Polo
  • Weightlifting
  • Wrestling

How To Sign Up At Legal Olympics Betting Sites

igning up for an Olympic sports betting site takes about as long as it took Usain Bolt to finish his Olympic record-setting 100-meter run back at the 2012 Summer Olympics (9.63 seconds). The sign up process for a legal online sportsbook consists of a few steps that are laid out below.

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

The best way to get the most bang for your buck when betting on the Olympics will be to line shop across multiple sportsbooks. Line shopping for the Olympics entails the user going through each of the top-rated sports betting sites, finding the event they would like to bet on, and determining which site offers the best odds/payout for their specific bet. This is not an Olympics-specific strategy, as it is always best to have multiple sportsbook accounts to get the best odds, but with so many betting opportunities available during the Summer Games, it can make a substantial difference to bettor’s wallets.

How To Deposit Into A Legal Olympics Sportsbook

olympics-logo

Depositing into legal sportsbooks is a quick and easy process that is often made out to be much more complicated than it really is. Users have many different depositing options at their disposal when using an Olympic-worthy sportsbook, with the most common being cryptocurrencies and credit/debit cards. When using either of those methods, depositing into a sportsbook is done similar to a normal online purchase. Each of those methods are explained in more detail below this section, but the online purchasing thought process is the main focus.

  • Cryptocurrency: The depositing method with the largest bonuses, fastest transaction times, and highest maximums is cryptocurrencies. The steps to use cryptocurrency are best compared to the electronic version of cash transactions: gather the funds, put them in a wallet, decide on the location to spend the currency, and then spend it. Users must first purchase crypto through an online exchange such as Coinbase or CashApp. From those exchanges, the crypto is then put into a user’s wallet (Coinbase and CashApp act as both the exchange and wallet). Within the wallet, the depositor will enter the URL provided by the sportsbook to send the funds, which will then be available to bet within minutes.
  • Credit/Debit Cards: Credit and debit card deposits are the method that most users are most proficient in. Simply choose the sportsbook, click on the credit/debit card icon or section, and deposit. Credit and debit card transactions do come at a cost though, as most Olympic sports betting sites will charge a transaction fee. Withdrawals are not available back onto credit or debit cards.

Picking The Best Olympics Betting Bonus

Every one of the best legal Olympic sportsbooks will offer some form of a deposit bonus. Those bonuses range in match percentage, maximum values, and rollover requirements. Bonuses are a great way to either grow your bankroll or simply practice betting, but they do come at a price. Online sportsbooks attach rollover requirements that mandate how many times the total sum of the deposit (actual deposit value + bonus vale) must be wagered through before any funds may be withdrawn. With that in mind, rollover requirements may be the least visually appealing portion of a bonus, but they are the most important aspect for all Olympic sports bettors.

Olympic Sports Betting Bonuses

Sportsbook Bonus Percentage Maximum Value Rollover
Bovada Crypto Bonus 75% $750.00 5
Bovada Non-Crypto Bonus 50% $250.00 5
BetOnline Crypto Bonus 100% $1,250.00 14
BetOnline Non-Crypto Bonus 50% $1,000.00 10
MyBookie Non-Crypto Bonus 100% $1,000.00 10
SportsBetting Crypto Bonus 100% $1,000.00 14
SportsBetting Non-Crypto Bonus 50% $1,000.00 10
Xbet Non-Crypto Bonus 100% $500.00 7

Past Olympic Medal Counts

With Olympic betting odds so focused on countries and their medal counts, it can be beneficial for players to learn about how those countries have done at the most recent Summer Olympics back in 2021. The top ten medal-earning countries in the last Summer Olympics can be found below, as can their odds to win the most medals that year.

2020 Summer Olympics

  • United States (-1000): 39 Golds, 41 Silvers, 33 Bronzes, 113 Total Medals
  • China (+450): 38 Golds, 32 Silvers, 19 Bronzes, 89 Total Medals
  • Russian Olympic Committee (+2000): 20 Golds, 28 Silvers, 23 Bronzes, 71 Total Medals
  • Great Britain (+4000): 22 Golds, 20 Silvers, 22 Bronzes, 71 Total Medals
  • Japan (+5000): 27 Golds, 14 Silvers, 17 Golds, 58 Total Medals
  • Australia (+20000): 17 Golds, 7 Silvers, 22 Bronzes, 46 Total Medals
  • Italy (Unlisted): 10 Golds, 10 Silvers, 20 Bronzes, 40 Total Medals
  • Germany (+20000): 10 Golds, 11 Silvers, 16 Bronzes, 37 Total Medals
  • Netherlands (+20000): 10 Golds, 12 Silvers, 14 Bronzes, 36 Total Medals
  • France (+25000): 10 Golds, 12 Silvers, 11 Bronzes, 33 Total Medals

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

2024 Olympic futures betting odds operate the same way as any other futures bet does for other sports. Betting in advance often comes with larger payouts but at the cost of additional risk and time. Futures bets are not only a way to gain extra value on bets, but they also build the excitement for the games themselves.

 

Betting On The Olympics From Your Mobile Phone Or Tablet

Mobile sports betting on the Olympics has never been easier. Elite online sportsbooks no longer require any downloads, they operate straight from your device’s mobile browser. This mobile compatibility feature is fantastic for bettors as they never have to relearn how to use a sportsbook, while still getting the same great odds that they expect. Mobile betting is a great tool to utilize, allowing players to bet from wherever they want, even at the games!

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 odds on the Olympics are now more accessible than ever. Choosing to live bet on the games has proven to be a great strategy for many bettors as they can get a feel for how the games are going, their individual participants, and sometimes how the game is played. Live betting has also shown it’s worth to bettors when they miss the start of the game, as live betting options mean that it is never to late to get in on the action.