Starting July 23rd the greatest athletes on earth will convene in Tokyo, Japan to compete for Olympic Gold. With 339 events from 33 sports all taking place within three weeks, there is truly something for everyone. Basketball? Check. Baseball? Check. Artistic Swimming? Of course!
The next question you might have is, can I bet on the Olympics? The answer to that is an emphatic yes. Bettors will find that there are numerous opportunities to bet on the Olympic Games online. Keep reading below for our Tokyo Olympic betting guide to learn how to bet on the Olympics, and what to expect from your online casino.
Olympic Betting Lines and Odds
In order to successfully bet on the Olympics, before you place a bet it’s imperative to understand what type of bet you want to place, and what the odds your given actually mean. Below we will go through the most popular bets you will have at online sportsbook so you can be prepared to bet your favorite games.
Moneyline: Straight Betting
Moneylines are also known as straight-up bets, and are the most common type of Olympic Wager. All you have to do is find an event whether that is individual or team, then pick the winner. Here’s an example of what a moneyline for a basketball game between Spain and Croatia might look like:
The minus sign (-) indicates the favorite to win, in this case Spain, and the 165 is how much you need to wager in order to win $100. A plus sign (+) indicates the Underdog, Croatia, and the 150 is how much you would win if you bet $100. Although the money is based on $100, it is in now way a minimum that you have to bet, just a ratio. Most sites will let you bet with as little as $1 for a moneyline if you want.
Over/Under: Total Points or Medal Betting
Over/Under betting focuses on a single number, like a score or medal count, and then you bet on whether that country or team will win/score more or less medals/points. Most of these numbers will end in .5 so that there can’t be a tie. In this case you are betting on whether you think Canada will get more or less than 5.5 Gold medals.
OVER 5.5 +120
UNDER 5.5 +110
Point spreads are commonly used in team sports, like basketball, baseball, rugby and so on. Here’s an example of a spread from USA Basketball’s upcoming first match against France.Point Spreads
USA -15.5 (-110)
France +15.5 (+110)
Totals BettingIn this case USA is a 15.5-point favorite to win over France. If you bet on the USA, they not only need to win, but need to win by 16 or more points. If you bet on France, they would need to lose by 15 points or less, or win of course.
Not only can you bet on how many medals a single country will get, but you can also bet on which country you think will get more Gold Medals in a head to head. For Instance, here you’re betting on whether you think China or France will get more Gold Medals.
Proposition, or Prop bets, allow you to bet on an individual athlete from a single team. You can bet on your favorite soccer player to score, or what basketball player will score the most in a single game. You can also bet on things outside of official competition. For instance, some sites will let you bet on who a country’s flag bearer will be at the closing or opening ceremonies.Prop Bets
Futures wagers let you appropriately vote on things that will happen in the future. They include all sorts of different content, the most well known likely being total medal count per country. You can also wager on most Gold Medals, who will advance out of group stages, and a lot of other things as well.
Parlays allow you to combine multiple bets together on one ticket. The upside to doing this is if you get every wager on the ticket correct, you will win a lot more money. You can usually combine any type of multiple bets onto one parlay slip.
Some Sportsbooks will even allow you to bet on events while they are happening live. Usually for the more popular events, live bettings options will include lots of standard betting options like moneylines, spreads, and props, just updated to the current score of the game.
Tips and Tricks
We will all be rooting for our favorite countries and players when the games start later this week. However, we need to make sure that we’re not blinded by our preferences. You wouldn’t go participate in the Tokyo Olympics without preparing first, and you shouldn’t bet on it without preparing first either. Here’s some helpful tips and tricks for you to take home some cash while the Olympians take home medals-Set a budget, and manage your bankroll
-Bet on the sports you know best
-Use previous Olympics and International competitions as a guide
-Bet smart, and don’t be swayed by favorite countries or athletes
How to Start Betting?
- Pick a Sportsbook and Register
Go to the online casino of your choice and open an account.
Make your deposit. Most accounts can be funded using Visa, MasterCard credit and debit cards, American Express, PayPal, Neteller, Skrill, PayPal or eChecks. The majority of U.S.-based sportsbooks will not accept cash, but some take international prepaid or credit-branded gift cards, bank wires, cashier’s checks, money orders and person-to-person payments by companies such as Western Union or MoneyGram. Online sportsbooks also accept all sorts of crypto currencies.
- Start Winning and Have Fun!
That’s all you need to know to bet on the Olympics. Just look for the “Tokyo Olympics 2020” part of the sportsbook and find the event or events you wish to wager on.