Can You Bet On The Olympics? Your Betting Guide For the 2024 Olympics

The answer to ‘can you bet on the Olympics?’ depends on the country you are in. Most countries have legalized betting on the Olympics, with sports betting having been legalized in the US in 2018.

Olympics Games Betting: The Essential Betting Guide

• Whether betting on the Olympics is legal in depends on which country you are in. However, most counties have legalized sport betting which includes the Olympics.
• There are actually four Olympic games. The summer Olympics, the Winter Olympics, the Paralympics and the Special Olympics.
• The Paralympics and the Special Olympics are often confused with each other. The difference is that the Paralympics is primarily for athletes with physical disabilities, while the Special Olympics is for athletes with intellectual disabilities.
• This guide will cover the basics of Olympics betting and answer questions such as ‘can you bet on the special Olympics?’

Often considered the pinnacle of many athletic events, the Olympics sees athletes from more than 180 countries come together to compete across a variety of sporting events.

As the Olympics are only held every four years and switch host nations every time, each competition has its own personality. This provides exciting opportunities for viewers to enjoy lesser-seen sports and fan favorites.

You can make things even more exciting by Olympic sports betting. Olympic games betting is legal in many countries globally, although there are some critical restrictions you need to consider before you start betting.

Read our complete guide to learn more about how you can bet on the Olympics 2024, including whether wagering on events is legal and some tips for placing successful wagers.

History of Betting on the Olympics

The Olympics are one of the oldest sports events in history, dating back to Ancient Greece around 776 BC. There is evidence that even during the Ancient Olympic Games, betting on athletes to win events was common.

While the Ancient Olympic Games finished around 393 AD, the modern Olympic Games returned in 1896. Most countries globally didn’t accept sports betting legally until later in the 20th century, with the UK legalizing sports betting, including Olympics betting with the Betting and Gaming Act 1960.

Legalizing Sports Betting on the Olympics

Meanwhile, places like the US have regulated sports betting since 1949. However, legal sports betting was limited to Nevada for most of this history. Anyone who visited the Silver State could bet on the Olympic games.

The US Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992 (PASPA) in 2018, allowing other US states to legalize sports betting within their borders. Dozens of US states now allow sports betting, and you can bet on the Olympics 2024 at online sportsbooks or through retail sportsbooks.

Some countries worldwide do not allow betting on the Olympics or any other sports for cultural and religious reasons. For example, sports betting is prohibited in Saudi Arabia under Sharia law.

Olympic Sports Betting: Choosing a Winner

Standard Olympic sports betting involves athletes or teams competing against each other in competitions or events that are usually won through scoring points of some kind (goals, touchdowns, etc.). Most sportsbooks allow you to predict the final event and key events that will happen during the event, such as how many home runs a player will hit in a baseball game.

In Olympic events, many events are determined by the judges’ scores, like boxing matches that don’t feature a knockout. Another example is synchronized diving, which involves several rounds of scoring to determine which nations get a medal.

Of course, backing the nations that have consistently won the most gold medals is always a good idea.

Most sportsbooks won’t offer markets on individual moments during events for the Olympics but will allow you to wager on medal winners. The main exceptions to these rules are soccer and basketball, which will feature many of the same markets you’d expect when placing different types of sports bet.

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Can You Bet Money on The Olympics?

You can bet on the Olympics in many countries globally, with sportsbooks operating in Canada, the UK, and the rest of Europe allowing a wide range of wagers on these events.

You must use a sportsbook licensed in your jurisdiction to browse and wager on Olympic betting markets. For example, if you play in the UK, you must use a site licensed by the UK Gambling Commission.

Legality of Olympics Betting in the US

You can also bet on the Olympics in the US, although the availability of this betting will vary from state to state. For example, some US states will completely prohibit Olympic betting. Meanwhile, some states will allow betting on events like soccer and basketball but restrict wagers on judged events like gymnastics, surfing, equestrian, and BMX.

Many Olympic sports are amateur sports, which may raise ethical issues with some players. However, if your licensed sportsbook offers markets on an Olympic sport, it is doing so safely and legally.

Some Olympic events like skateboarding and gymnastics feature young athletes under 18. For example, an 11-year-old competed at the 2024 Olympics in skateboarding. Most sportsbooks will prohibit wagering on events featuring younger athletes to protect them from the pressure created by sports betting.

Betting on Different Types of Olympics

Of course, there are two Olympic competitions for fans to enjoy: the Summer Olympics and the Winter Olympics. While these events both showcase the top athletes, they host different sports and betting opportunities. Below, we’ll cover a few of the differences between betting on the Summer Olympics and the Winter Olympics.

Can You Bet on The Summer Olympics?

Summer Olympics sports betting is so appealing to bettors because there is a broad mix of sports to enjoy, including fan favorites like basketball and soccer, alongside niche sports like martial arts, equestrian events, and gymnastics.

As athletes compete at the highest level, the fields for these events are often relatively even, meaning some generous odds are available.

As the Summer Olympics are often held in the gap between the seasons of many major sports, the competition gets plenty of competition from sportsbooks. You’ll find special offers like chances to earn bonus bets, odds boosts, and other promotions available before and during the tournament. 

Can you bet on the Winter Olympics

The first Winter Olympics was hosted in Chamonix, France, in 1924. The competition was held in the winter months of January and February in the same year as the Summer Olympics until 1994 when it moved to two years after every Olympics.

For example, the 1994 Winter Olympics was held between the 1992 Barcelona Olympics and the 1996 Atlanta Olympics.

While the Summer Olympics has a mixture of sports players might recognize from outside of Olympics betting, most Winter Olympics sports are niche. Therefore, there are many exciting new events for sportsbook customers to wager on, including curling, biathlon, and snowboarding.

Can you bet on the Special Olympics?

Betting on the Special Olympics made its first appearance in 2003, when BetOnline announced it would be offering a sportsbook for the event. So the answer to ‘can you bet on the special Olympics?’ is now a resounding yes!

Can you bet on the Paralympics?

As with the standard Olympics, whether you can bet on the Paralympics will depend on the legality of sportsbook betting where you live. But if its legal to bet only Olympics in your area, then it’s also legal to bet on the Paralympics.

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Betting Strategies for the Olympics

Like all sports betting, wagering on the Olympics is can come down to luck as much as skill. However, there are some Olympics betting strategies you can consider to increase your chances of winning.

One key factor is research. There are dozens of sports at the Olympics, many of which you can usually bet on, like basketball, cycling, tennis, and soccer, so many fans may be excited to back markets on niche sports.

However, betting on a sport you know nothing about may result in losing wagers. So, hold off on those canoeing slalom bets! That being said, niche sports are a best places to find PK bets.

The Home Field Advantage

While it may seem simple, backing the hosts is a strong strategy for Olympic betting. Past games have shown that hosts often perform better on home soil than nations would usually rank.

For example, Australia came fourth in the 2000 Olympic games in Sydney, a finish it has only matched once since. Meanwhile, South Korea hosted in 1988 and finished fourth, a position it has failed to match since.

The best example was Spain, which hosted the games in 1992 and finished the tournament in sixth. The nation has not ranked in the top ten in any games since then.

Betting on Different Olympic Sports

One of the things people most enjoy about Olympics sports betting is the wide range of sports taking the spotlight over a few weeks.

Whether you’re interested in soccer or taekwondo, there is something for everybody. Some popular sports for Olympic games betting include soccer, gymnastics, athletics, and basketball.

As the hosts, Paris was also allowed to add new sports, such as  surfing, sport climbing, skateboarding, and break dancing. Unfortunately, it seems America’s most hated sport, Ultimate Frisbee, seems to have been dropped (ironically) from the 2028 games in Los Angeles.

Team vs Individual Bets

With so many different events, bettors need to consider various factors. For example, if you’re betting on a sport like basketball or soccer, you’re betting on a team’s performance rather than a single athlete. Many betting sites will also let you wager on players to hit individual stats in games with these events, such as a soccer player scoring a goal.

Even with sports that feature individual athletes, like gymnastics or fencing, you can still wager on the whole performance of a nation. For example, you can bet on a particular athlete to score the highest total in the men’s pommel horse, but a nation to score the most points total.

Additionally, if you’re betting on a sport that might feature young athletes, such as skateboarding or gymnastics, you may not find betting lines available for these events to protect these athletes.

Will You be Able to Bet on The Olympics in 2024?

The Olympics brings together around 200 countries together to compete in a wide range of athletic events. For many sports, the Olympics is the highest level of competition.

You place wagers on the Olympics in multiple countries worldwide, although the events and bet types that may be available will vary. It’s tempting to try betting on all the sports you don’t see very often at sportsbooks, but we recommend doing your research to place the most intelligent bets you can. 

While betting on the Olympic Games is exciting, it’s important to always gamble responsibly. Many sportsbooks offer account tools like deposit, time, and spending limits to help control your gambling habits. If you need support, you’ll find on-site resources on how to play responsibly and links to third-party problem gambling support.

The Olympic Games hold a special place in many sports fans’ hearts, capable of creating exciting and heartfelt moments with memories lasting a lifetime. The medley of sports covered across the competition allows all sports fans to enjoy something. That enjoyment can be boosted even more by placing sports bets on the world’s biggest sports event.

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