The Summer Olympics have arrived! The Olympics occur every four years, and the location changes each time the event is held. This year, Tokyo is the host of the event. The Summer Olympics are considered one of the most important sporting events in the world, with the best athletes from across the globe competing.
Athletes spend the four years leading up to the event training for their sport and then qualify for the Olympics in the year before the event. Competition to be an Olympic athlete is intense, and there is no greater feeling than representing your country at the Summer Olympics.
Since the Summer Olympics come around only every four years, betting on the event is extremely popular each time it’s held. There are more betting options each time, and the United States now features some great places to bet on the Summer Olympics.
Betting on the Summer Olympics works a little bit differently than normal sports betting, but this guide will help explain all of the betting options that are available every four years.
Betting on Team Competitions
There are several team competitions that take place at the Summer Olympics, with men’s and women’s basketball being an extremely popular event. Soccer, baseball, and volleyball are also team competitions that take place at the Summer Olympics.
Betting on team competitions work just like betting on sports throughout the year, and there are four common betting types that are offered.
Moneyline bets are simple to understand, as there are just two options. With a moneyline bet, you are simply picking the winning team in a certain matchup.
Sportsbooks set the odds for each team based on the probability that each team will win, and then it’s up to you to make your pick.
Spread betting is another popular bet that is made on team competitions, and it will be offered by sportsbooks on the Summer Olympics. Spread betting is sometimes referred to as “betting against the spread,” and it can be complicated to beginning sports bettors.
The spread is set by sportsbooks based on the probability that a certain outcome will occur. Bettors then must choose a side, and determine if the spread will be larger or within the range set by the sportsbook.
Here is an example:
Team USA is the favorite in this matchup, and they would need to win the game by at least five points to win the bet. Spain can lose the game as long as they keep the final score within four points.
A total bet is another popular bet, and it deals with the total number of points, runs, or goals scored by the two teams. This is popular because bettors don’t have to focus on the winning team, but rather can focus just on the points.
This is sometimes referred to as an “over/under” bet because those are the two betting options that bettors can choose from.
Live betting or in-play betting continues to grow in popularity, and all of the top sportsbooks offer this kind of wager. Live betting is offered on both team and individual events, and the odds are posted in real-time.
Bettors don’t have a lot of time to make a decision, but it gives bettors the feel of being a part of the action.
Winners are determined in individual events by either score, time, or distance, and these are the most common bets that are placed. Traditional sports bets are usually offered for individual events such as spread betting, or total betting.
Individual betting can feel overwhelming since events have a large number of contestants. It’s best to focus on just a handful of athletes and look at the betting odds listed for each of them.
If you are familiar with sports betting, you won’t have a problem understanding how to bet, but you better know the rules of the sport before making any wager.
An “event winner” bet is just like a future bet in other sports, and you are simply picking the gold medal winner of that sporting event. Odds are listed for each athlete scheduled to compete, and you can simply bet on one of the athletes, or make a bet on a few of the top options.
The Summer Olympics award a medal to the top three athletes in each event, and sportsbooks will offer medal betting in a handful of different ways.
The most common form of medal betting is to select the three athletes that will receive a medal. Picking the correct order isn’t required as long as you pick out the athletes that receive a medal.
Other sportsbooks will also feature betting options that require you to pick the athlete and the correct medal that they will receive. This is a very tough bet, but there is a chance for a big payoff.
Tokyo Olympics 2020 Event Betting
Most of the bets will be placed on actual sporting events at the Summer Olympics, but those aren’t the only options. Sportsbooks will also offer betting options to bettors that prefer focusing on the entire event as a whole.
Countries are competing against each other to win the medal count, and this is a very popular bet that is offered by the sportsbooks. Bets can be placed on how many medals a particular country will win, or on the country that finishes with the most medals.
Prop betting is available on the major sporting events, and the Summer Olympics qualify as a major sporting event. Prop betting will be offered on individual events as well, but there will also be prop betting offered on the event as a whole.
Where to Bet on the Tokyo Olympic Games
As the sports betting industry in the United States continues to grow, there are more and more places ready to take your bets on the Summer Olympics. The state of New Jersey has emerged as a leader in the industry, and sports betting is available through online sportsbooks and in Atlantic City casinos.
New Jersey Sportsbooks
New Jersey has attracted some of the biggest names in sports betting, and there are some great online sportsbooks up and running in the state. The list of online sportsbooks continues to grow in New Jersey, but the industry leaders remain the same.
Here are a few of the top online sportsbooks that bettors can find in New Jersey:
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Here is a shortlist of some of the Atlantic City casinos that offer sportsbooks to take on your Winter Olympics bets:
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Tokyo Olympics Betting Guide Summary
If you are someone that has never placed a bet on the Summer Olympics, then you are missing out. Fortunately, you will have a chance here in 2021, and then again in 2024.
With so many great betting options available, there is a chance to win some real money by betting on the Summer Olympics. New Jersey is a great spot to bet on the Summer Olympics, and bets can be placed at both sportsbooks and casinos.
The Summer Olympics is a must-watch event for sports fans, and you might as well win some money while watching the events. Pick a handful of your favorite events, and bet on the Summer Olympics the next time they come around.