The 2024 Summer Olympics in Paris are generating unprecedented betting interest, largely driven by the dominant U.S. basketball and soccer teams. With more states than ever offering legal sports betting, the U.S. teams’ dominance is making it challenging for bettors to find value in their wagers. The U.S. men’s and women’s basketball teams, along with the women’s soccer team, are heavy favorites to win gold, leading to high betting volumes and unique challenges for sportsbooks.
Surge in Legal Sports Betting
The expansion of legal sports betting in the U.S. has significantly contributed to the increased betting interest in the Olympics. Currently, 38 states plus Washington, D.C. offer legal sports betting, compared to just 22 states during the Tokyo Olympics in 2021. This growth means that 67% of the adult population in the U.S. can now legally bet on the Olympics, up from 40% three years ago. The addition of 16 new states with legal sports betting has created a larger market for Olympic wagers.
The geographical advantage of Paris being six hours ahead of New York also plays a role. Unlike the Tokyo Olympics, where events occurred in the middle of the night for U.S. viewers, the Paris time zone allows for more convenient viewing and betting. This accessibility is expected to drive even higher betting volumes as fans can follow the events in real-time.
Dominance of U.S. Teams
The U.S. men’s and women’s basketball teams are once again the favorites to win gold medals. The men’s team, featuring stars like LeBron James, Kevin Durant, and Stephen Curry, is listed as a -650 favorite, meaning bettors need to wager $650 to win $100. The women’s team, with players such as Britney Griner and Diana Taurasi, is an even larger favorite at -1400. This dominance makes it difficult for bettors to find value, as the odds reflect the high likelihood of U.S. victories.
Similarly, the U.S. women’s soccer team is favored to win gold, adding to the overall betting interest. The team’s consistent performance and star-studded lineup make them a popular choice among bettors. However, the high odds mean that bettors must risk significant amounts to see substantial returns, leading some to explore alternative betting options like point spreads.
Challenges for Sportsbooks
The overwhelming favoritism of U.S. teams presents unique challenges for sportsbooks. With such dominant teams, sportsbooks must balance the odds to attract bets on both sides of the wager. This often results in high point spreads and money lines that can deter casual bettors. For example, the U.S. men’s basketball team is favored by 12.5 points in their opening game against Serbia, requiring a win by at least 13 points for a bet to be successful.
Sportsbooks are also preparing for the most bet-on Olympics in history. The combination of legal sports betting expansion, convenient time zones, and dominant U.S. teams creates a perfect storm for high betting volumes. As a result, sportsbooks are adjusting their strategies to manage the influx of bets and ensure a balanced book.
