The Tokyo Olympics will play to empty stadiums and arenas thanks to the lingering coronavirus pandemic. But the empty stands should have no negative impact on betting on the games.
“It’ll be the largest handle for the Olympics we’ve ever seen,” said Sam Panayotovich, sports betting analyst for FOX Sports.
The reason is simple. This marks the first Olympics since the Supreme Court overturned the ban on sports betting in 2018. Still, don’t expect Super Bowl numbers according to Sports Handle.
“Olympic betting was more of a watching event than a wagering event,” said Jay Kornegay, executive vice president of the Westgate SuperBook in Las Vegas. “[American bettors] don’t really know the athletes that well. The team sports will get some attention, but it’s still light when you compare it to our regular games.”
Kornegay said he expects Olympic wagering “to pick up a little bit, but I’m not too confident that it’s going to move the needle. We see a lot of books offer medal counts and how many medals a country will get.”
Panayotovich said the Olympics attract a lot of uneducated bets. Bettors do not do enough homework. The same could be said of the recent Euro 2020 Cup.
“You ask the average Euro Cup bettor to name three people on a [country’s team] and they can’t do it.”
The 13-hour time difference in Tokyo poses another problem.
“The fact that it’s in Tokyo, it turns the day completely upside down” for U.S. bettors, said Robert Kowalski, sportsbook operator at Baldini’s in northern Nevada.
“I think it’s obvious to say it can [hurt],” said Bill Knauf, vice president of operations at Monmouth Park in New Jersey. “I think this is one of those events where, if you want some action or entertainment, you’re probably going to place the bet well before it goes on.”
Knauf believes swimming and track and field will prove popular competitions to wager on.
“USA Men’s Basketball will naturally be gigantic.” But the team is not a lock to win gold, especially given back-to-back exhibition losses to Nigeria and Australia.
“We’re not too worried here about Team USA,” said Mike Korn, trading content analyst for PointsBet.
