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Everything You Need To Know About Gambling At The Olympics

By Author: Kane Richardson
Total Articles: 1

Many people wonder whether the news about gambling in Olympics are any real or just rumours. Those, who are not directly associated with the gambling world may even believe that a major tournament like Olympics would be free of gambling. But those who are actively involved in betting only know how real this thing is.

Gambling in Olympics is as true as it gets, and the latest example of it was the Rio Olympics 2016 that was held in Brazil. The betting at Rio games began months before the actual tournament started.

Even Vegas casinos were accepting Rio Olympics bets for the first time in years. The betting numbers and counts in the last Olympics games were huge, as expected by many beforehand.

The popularity of Olympics betting can be understood by the fact that the industry is seeing an exponential growth with each season. Whereas the 2008 Beijing Olympics games witnessed about $4 million of investment in betting, the amount was increased to about $80 million at the London Olympics. It is estimated that hundreds of millions dollars worth of bets were placed in 2016 games.

Gone are the days when gamblers were limited to only local or minor sporting events for betting. Nowadays, a giant global sports event is more than enough to get people making bets. The thing is that the options are too many here, and you can always start betting on your favourite teams. The betting figures from the last few Olympic games are the proof of that.

The same goes for the Soccer World Cup, which is, of course, the most popular sporting event any year. As per rough estimates, billions of dollars are moved in the form of bets during one such event.

New Players

Bookies are always waiting for new players to join the game to increase their profits. Major sporting events like Olympics are their bloodline that keeps their finance flowing.

Global sports events like Olympics see a surge in the number of watchers because they are able to keep people emotionally engaged, and many of these people even get involved in betting in order to get more engaged. Betting is not at all a bad thing, if you know just when to stop. According to a report, more than 3 million people who were involved in betting at London Olympics said that it was their first betting experience.

Betting does that to you. It is known to attract customers automatically, and events like Olympics work as a fuel to increase the customer interest and engagement. A traditional gambler uses his heart while betting in a such a game. Olympics is not the only sporting event in the year that witnesses this much betting traffic. Even minor tournaments, including soccer matches, league games, etc., also witness huge amounts in the gamble.

The UK is one of the biggest sports betting industry where all the major and most minor tournaments cannot even be expected without bookmaking. The UK bookmakers have been profiting from the games as England is yet to win a major soccer tournament in years.

Betting at Olympics

Even though Olympics is the biggest sporting event, it still does not drive as many bets as witnessed in other major sporting events such as the Soccer World Cup and Euro Cup.

But it is still capable of making the bettors and bookmakers reach as the betting amount is increasing every year. As we mentioned above, the total gambling in Rio games was much bigger than the amount invested in London Olympic games.

People are getting aware of the sports betting odds and becoming more engaged in the industry. The UK, being the biggest gambling market has witnessed a continuous rise in the gross gambling yield over the past years.

The rise of technology, especially mobile technology, has been a major factor in the growth of the sports betting market. If you look at the numbers, you will see that the growth of the market was almost in proportion to the growth in the number of smartphone users.

Most betting agencies and websites have confirmed that most of their betting business is now generated through smartphone devices. The introduction of dedicated gambling apps has further fueled this growth. It has also made it possible for bookmakers to accept in-play bets, which is a major reason for the increase in customer engagement in the markets.

The mobile and internet technologies have made it easier for normal people to make bets, and the options have increased exponentially with the introduction of online betting. You can now place bets at anytime on any game from the comfort of your own home while watching your favourite game on the television.

Whereas the in-play betting is getting famous in sports, it is still not very feasible in short-term games such as 100 meters run where the game finishes even before you could place an in-play bet. However, this particular game proves to be the most attracting one when it comes to sports betting in the Olympics.

More surprisingly, the odds are placed on a number of events, some of which are not even directly related to the ongoing games. In the last Olympics, some of the strangest odds were placed. For example, the odds on the number of followers on the players' twitter accounts, betting on weather conditions and so on.

In addition to the UK betting markets, there are many other major and minor, mostly unregulated, markets that are actively involved in sports betting, especially in major global events like Olympics. This is one of the reasons why it is not feasible to exactly know the sports betting figures beforehand.

It is estimated that the global unregulated betting industry is worth more than $3 trillion a year. The illegal sports betting market is even bigger than the legal market. The illegal gambling is mostly popular in East Asia region where betting on sports is not legally allowed.

Hundreds of bettors are arrested every year, and millions worth of dollars are seized on illegal Online sports gambling. The stats are even higher for the major sporting events like Olympics. Apart from soccer and meters run, betting is also very common in other games like tennis and badminton.

More About the Author

I am a broad spectrum Advantage Gambler and have extensive experience in online betting. Also, have a keen interest in writing blogs about online betting. My blogs have a plethora of great betting tips.

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