American sports betting operators are expecting high betting activity during the Summer Olympics in Paris. According to gambling companies, the strong presence of US basketball and soccer teams would attract many punters. The Associated Press spoke with representatives of leading gambling companies, asking them to share their predictions.
Operators Expect Record-Breaking Betting Activity
John Ewing, a BetMGM Sportsbook spokesperson, told the news outlet that this iteration of the Summer Olympics is set to drive record-breaking betting activity. He attributed this to the fact that a whopping 38 states and the District of Columbia now offer wagering on sports. For comparison, there were only 22 states offering legal betting for the Tokyo Olympics several years ago.
Since the games in Tokyo, a total of 16 jurisdictions launched betting, including Arizona, Connecticut, Florida, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Nebraska, Ohio, South Dakota, Vermont, Washington, Wisconsin and West Virginia.
Joe Maloney from the American Gaming Association (AGA) elaborated that betting is now available to 67% of the American adult population and added that the time difference between America and France is not as great as the one between America and Tokyo.
Caesars Sportsbook oddsmaker Chris Pearce, on the other hand, said that his company expects to rake in 10 times the bets it did in 2021.
America Is the Favorite to Win the Most Medals
The projected US dominance in certain disciplines is also a contributing factor, although it also means that American bettors could be risking more money for smaller payouts. The men’s and women’s basketball teams, for example, are currently the favorites to win, meaning that players need to wager huge sums if they want to receive significant payouts.
However, Tim Whitehead, BetRivers’ head of sportsbook, told the Associated Press that things are not so black and white. Noting that the US men’s team barely won the pre-Olympic warm-up game, he said that the tournament is likely to be much more competitive than originally expected.
Conversely, Caesars’ Pearce added that it would be a “big shock” if the US basketball teams were to lose, especially considering the presence of multiple NBA stars. He added that the company is also recording a high number of bets backing the US track and field and swimming teams.
Kevin Hennessy, a Fanatics Sportsbook spokesperson, on the other hand, said that his company’s most popular market for the Olympics is the 100-meter race.
Overall, the US is a -2500 favorite to win the most medals at the Olympics. China is the runner-up with odds at +1000, followed by the United Kingdom at +5000 and Japan at +6600.
