Understanding Olympic betting odds doesn’t demand the intense preparation athletes undergo for the Paris games; comprehending the betting odds for various events is straightforward. The 2024 Paris Olympic Games offer several odds and betting options to familiarize yourself with. This guide serves as a resource for novice bettors to grasp Olympic betting odds, enabling participation from any global location.
It’s essential for bettors to recognize the diversity in Olympic betting options, covering outcomes like event victors, point spreads, total gold medals, among others. Betting platforms for the Olympics utilize three primary odds formats: American, fractional, and decimal.
American odds are categorized by two symbols: a “+” for one type and a “-” for the other, reflecting different payout mechanisms. The stake is not included in the displayed payouts but is returned with a successful bet. Here’s a breakdown of each type of American betting odds for the Olympics.
Plus Odds: This represents the amount you would win on a $100 wager. For instance, with odds of +450, a $100 bet would yield a $450 win, indicating that the bet is on an underdog.
Minus Odds: These odds tell you the amount needed to bet to win $100. For example, odds of -250 mean you need to bet $250 to make a $100 profit. Teams or players with minus odds are generally considered favorites, with the exception of odds at -110, which suggest a balanced, 50/50 matchup according to sportsbooks.
Widely used in Europe for Olympic betting, fractional odds display the potential winnings (numerator) for every unit of the amount wagered (denominator). For instance, if Great Britain’s odds to win the most gold medals are represented as 7/2, it means a bettor receives $7 in winnings for every $2 bet placed. Additionally, the original betting stake is returned to the bettor as well.
For those who prefer straightforward mathematics, decimal odds are arguably the easiest to comprehend. Bettors calculate their potential return by multiplying their stake by the decimal odds value. This figure includes the return of the original stake in the event of a winning bet. For instance, if Canada were assigned odds of 10.0 to triumph in an event and they did win, a bettor placing $100 would receive $1,000 in return.
The Olympics offer a plethora of individual sports events to wager on, yet mastering just a few bet types enables you to cover them all. It’s crucial to distinguish between odds specific to the Olympics and those applicable to sports in general.
Winner bets are straightforward: you wager on the competitor or team you believe will triumph in a given event. These bets can yield significant returns since you’re betting on a single entity to outperform all others in the competition. Most platforms providing Olympic betting odds feature these bets well in advance, though live betting options for events like golf and cycling are also available during the Summer Games.
A popular pre-games wager involves betting on which country will secure the most gold medals. Powerhouses like the USA and China often lead the odds for summer Olympic sports. Bets on underdogs can result in substantial payouts if they manage to top the gold medal tally at the Paris Olympic Games.
Betting on the total gold medals a country wins allows for a focus solely on that nation’s performance, independent of how other countries fare. This bet suits those backing nations not expected to lead the gold medal count but anticipated to outperform bookmakers’ predictions.
In events featuring multiple competitors simultaneously, odds might be available for individual matchups. This approach is widespread across various Olympic events, including winter and summer sports such as golf, biathlon, and swimming. Bettors choose between two or more contestants, deciding who will perform better in a direct comparison within the broader event.
Moneyline Betting: This involves wagering on the victor of a particular match or event. The odds are set to offer higher rewards for bets on the underdog compared to bets on the favored team or individual.
Point Spread Betting: This is a margin set by bookmakers that indicates the extent to which a team is expected to win over its competitor. To win a spread bet on the favorite, that team must win by more than the set margin. Conversely, a wager on the underdog will win if that team either secures a victory or loses by less than the spread. In Olympic tennis, for example, bettors might predict whether a favorite will surpass the underdog by a specific number of games.
Totals Betting: Here, a bookmaker sets a line for the total number of a certain event occurring within a game, and bettors decide whether the actual number will be over or under this prediction. This type of bet is frequently seen in Olympic basketball, where the total might refer to the combined score of both teams.
To grasp Olympic betting odds, users need to familiarize themselves with three distinct methods, each a slightly different variation of representing the same information. Betting odds can be presented in American, fractional, or decimal forms by sportsbooks. Leading platforms, such as Bovada, provide an option for users to switch between these odds formats effortlessly, ensuring bettors can choose the format that best suits their preference.
| Country | American Odds | Decimal Odds | Fractional Odds |
|---|---|---|---|
| USA | -850 | 1.18 | 2/17 |
| China | +400 | 5.00 | 4/1 |
| France | +8000 | 81.00 | 80/1 |
| Great Britain | +8000 | 81.00 | 80/1 |
| Japan | +8000 | 81.00 | 80/1 |
