Every two years, for the Summer and Winter Olympics, we’re asked this question. And every year since 2002, we’ve had to answer no, then cite the gaming rules and back-story that explains why Olympics betting was banned. But not this year.
For the first time since 2000, Nevada sports books will be allowed to accept wagers on the Olympics, which are being held August 6-21. Last year the Nevada Gaming Commission unanimously approved an amendment to allow legal wagering on Olympic events for both the summer and winter games. There wasn’t a lot of fanfare attached to the decision, because the next meet was more than a year away, but now most books are gearing up to post their lines. The change in stance is part of an overall relaxing of betting restrictions, but also an indication that the books see potential for business following reports of increased action at English betting shops four years ago. But don’t expect that you’ll be able to bet on all the events.
The bookmakers will stick to the most popular sports, e.g., track & field, swimming, boxing, and of course, men’s basketball, which is expected to account for 70% of the action. Conversely, you probably won’t find lines on gymnastics, fencing, water polo, handball, and the like.
While popularity is paramount, it’s also preferred that the booked events be either "scored" (basketball) or "timed" (track), as opposed to "judged," with boxing being the primary exception. And by all indications, limits will be low. One discussion on the subject indicated that $2,000 might be a common limit, but given that the odds makers will be unfamiliar with many of the competitors and even some of the events, we’d expect that maximums will be lower.
Is it a big deal? It’ll spice things up for players who are mostly limited to betting baseball during the dog days, but the bookies aren’t expecting a bonanza. Jay Kornegay of the Westgate’s SuperBook commented to the LA Times, "We’ll appease those who want it now, but it’s really not going to move the needle for us."
Lines haven’t gone up yet, aside from men’s basketball futures, where the USA is a monster -1800 (bet $180 to win 10) favorite to win the gold.
