The Olympic Games in Tokyo marked the first summer games since the spread of sports betting in the U.S. Did sportsbooks get inundated with wagers?
Not really, especially when serious gamblers were involved.
Most of the action expected to come from amateurs betting on the number of gold medals the U.S. team will collects or if women’s basketball will win gold, according to Forbes.
“Professional gamblers generally stay away from betting on the Olympics as they fail to see a true edge,” says Bill Krackomberger, a veteran sports gambler.
There are too many unpredictable elements for bettors. When it comes to team sports, you’re dealing with players not used to playing together. The impact of Covid-19 on individual athletes is another concern.
According to a new report by the American Gambling Association, 1 in 10 American adults will place a bet on any one event during the Tokyo Games.
“We’re not hanging our hat on the Olympic Games,” said Duane Colucci, race, and sports manager at the Rampart Casino in Las Vegas.
DraftKings will offer Olympics wagers. “Basketball will do well, soccer will do well, golf, tennis and table tennis will do well,” said Johnny Avello, the company’s head of race and sportsbook. But the handle for the most popular sport, U.S. men’s basketball, won’t draw as much as a regular season NBA game.
Gymnastics is not often considered. Too subjective and athletes are too young, according to the Press of Atlantic City.
“We’re so confident in our line for Game 6 of the NBA Finals, whereas fencing and water polo, we don’t have the same amount of data or betting activity,” said Jay Croucher, head of trading for PointsBet.
