Figure 1 It is one of the biggest events in all of sports
There is not long to wait now until one of the greatest sports events in the world comes around once again. Every four years, the best athletes on the planet gather to compete for the coveted gold medals at the Summer Olympics. Paris will be the host city in 2024 and millions of people across the world will be tuning in to watch the action,
Many of those sports fans will also be thinking about placing bets on the outcome of the events. If you are new to sports betting you may be looking at the Olympics as a perfect chance to try your luck. There are certainly plenty of events to choose from at the games.
But you need to know what you are doing. If you wanted to bet on the Kentucky Derby, you would want the best betting app for horse racing. For placing bets on the Olympics you will need a more general sportsbook – but you should also take a look at some of our tips in this Olympic betting guide.
Find a Betting Site
For the uninitiated, all betting sites and sportsbooks might look the same. To be quite honest, many of them are very similar. But it is the fine details that make all the difference. You will want one that covers all the events at the Olympics – but it is the odds that are more important.
The odds, or prices, in each betting market will be very similar from sportsbook to sportsbook. But you will want to choose the ones that have the best potential for higher winning returns. There is no guarantee that your bets will end up winning, of course. But, if they do, you want to win as much as possible.
Choose Your Sports
At this year’s Summer Olympics, there will be 329 different events in 32 sports. That means that there will be a lot of betting markets, as each of those events can have multiple options as well. Even the richest people out there won’t be able to bet on everything. So you need to choose wisely.
It may sound obvious, but just bet on the sports that you know, watch regularly, and understand. It will be very tempting to really get interested in equestrian or weightlifting and want to place a bet. But it is best not to if you know nothing about those sports. Stick to your favorites and you will be making a more informed bet.
Understand Betting Types
But what about the actual bet itself? This really depends on the sports that you are thinking of betting on. Usually, you will have the chance to bet on the winner of the gold medal – so that’s a good place to start. But if you have prior knowledge of a particular sport, you will be able to explore more detailed markets.
Soccer will allow you to bet on the match winner, first goalscorer, total goals, and a lot more besides. Other sports might only offer very basic markets. But use your expertise and knowledge of a sport to find the bets that work for you. Never place a wager on a bet that you don’t really understand.
Figure 2 Track and field events are a major draw at the Olympics
Understanding Value
This is another vitally important factor to consider when it comes to betting on sports of all kinds – and especially the Olympics. You have to understand the concept of value if you are to succeed with your betting. This is how you maximize your potential to win and boost your profit.
For example, there is no real point in backing an overwhelming favorite to win a gold medal. The low odds mean that your returns will be minimal. But you should also think twice about betting on rank outsiders, as the attractive odds mean nothing as they will not win anyway. Find the happy medium and try to find the value odds where the sportsbook has underestimated an athlete or team.
Bet on the Filipino Athletes?
So, is our last Olympics betting tip to back the Filipino athletes? The Philippines has competed at every Summer Olympics since the first one in Paris in 1924, apart from the 1980 games where it joined the US-led boycott. In all that time, the country has won just one gold and 14 medals in all.
There have only ever been two bronzes won in track and field. But pole-vaulter EJ Obiena looks like being a great hope for the country in Paris this year. He won a first-ever silver medal at last year’s World Athletics Championships and is ranked number two in the world. Maybe he could bring the first-ever track and field gold back to the Philippines this summer?