The 2024 Summer Olympics are on the horizon, so it’s time to dive in to find the best Olympics betting sites. Betting on the Olympics is enjoyable because there is a mix of both team and individual sports.
If you prefer to bet on a team sport, you can target basketball, volleyball, or, water polo. If you want to try out an individual sport, there are numerous options such as gymnastics, boxing, or wrestling.
This also brings the opportunity to bet on sports that you may not usually wager on.
Some betting sites have more robust selections for Olympic betting, so it’s important to find the best of the bunch. In this article, we’ll provide an in-depth overview of Olympic betting sites.
Best Olympics Betting Sites
It’s important to do your research when choosing an Olympics betting site because some sportsbooks have more options available. Below you’ll find a list of the top websites for Olympic betting.
BetMGM Sportsbook
BetMGM Sportsbook expanded from a casino resort giant into a popular sportsbook in 2018. They have become one of the top betting sites in the country, expanding across several states.
When navigating the website, you’ll find each summer sport under their own separate heading. What differentiates BetMGM from the competition is their robust bet type selection for the Olympics.
Not only can bettors wager on the outright winner of specific events, but there are also other props, such as choosing an athlete to finish in the top three. The bet types are also open for you well in advance, so you can place a wager on an event that happens in a week’s time. This is helpful to get on a play that you like early before the market adjusts.
Caesars Sportsbook
Caesars evolved from a major player in the casino resort industry into a leader in sports betting following the acquisition of reputable sportsbook William Hill in 2021. The addition of such a popular sportsbook has made Caesars Sportsbook one of the top betting sites on the market.
Caesars features a generous welcome bonus and odds boosts on selected events. For the Olympics, they include each competition, allowing bettors to choose the outright winner.
There’s a good chance that we’ll see some odds boosts as the Olympics progress, so keep an eye out because this is a great way to find value on your Olympic bets.
Bet365 Sportsbook
Bet365 was created back in 2000 in the United Kingdom and maintained a strong online presence in the international betting community before entering the fray in the United States in 2019. As a veteran in the industry, bet365 is one of the best sites for sports betting.
The organized layout makes it easy for users to place wagers on their preferred sport and event. The site includes future events, where bettors can select the outright winners. More bet types open up on the day of the event.
FanDuel Sportsbook
FanDuel Sportsbook started as a pioneer and leader in the daily fantasy sports industry in 2009. They have become one of the most popular platforms in the sports betting space since the creation of FanDuel Sportsbook in 2018.
They created the bet type Same Game Parlay, which has spread across the industry as one of the more popular new bet types. It’s great because you can combine several player props and other bets for high payouts.
The sportsbook has one of the most organized layouts for Olympic betting. The Olympics have their own section, divided into smaller groups for each sport. It can be difficult to find the event that you’re looking for on other sites, so it’s helpful to have it so easily accessible at FanDuel.
DraftKings
DraftKings was created as a daily fantasy sports platform in 2012 before expanding into the sports betting industry in 2018. They are now among the most popular in the country, available in several states.
The sportsbook has a user-friendly app with a sleek aesthetic that makes the betting process more efficient. There are multiple bet types and betting markets along with a diverse selection of player props.
For the Olympics, DraftKings Sportsbook has several events available, where users can select the outright winners. You won’t have to worry about missing out on an Olympic event when betting on this market.
Unibet
Unibet was founded in 1997 and is headquartered in Malta. It is part of the Kindred Group, one of the most reputable brands in the sports betting space. They expanded operations to the United States in 2018.
The site features a user-friendly app with multiple payment options to make deposits and withdrawals more convenient for bettors. Customer support is timely and efficient, helping users resolve any potential issues.
The Olympic betting market is robust at Unibet, featuring multiple events and bet types. In past iterations, Unibet has had props for exact scores in hockey games, so a similar setup may happen for a sport such as basketball. The Olympics have their own section, which makes it easier to find.
PointsBet
PointsBet was created in Australia and has now become extremely popular in the United States, particularly for its innovative features.
The site has a system called “Points Betting,” where you can win more if your selection has a higher winning margin, but lose more if the opposite is true. This offers the opportunity for greater payouts and works well with several sports, since many games finish with large winning margins.
PointsBet is now owned by Fanatics. It is unknown if Fanatics will offer s spruced up market for the upcoming Olympics, or stick to what Fanatics is doing with live betting, prop bets, and Pointsbetting.
How To Pick the Best Olympics Betting Sites
There are a few factors to consider when choosing the right sportsbook for Olympics betting.
- You want your sportsbook to provide a welcome bonus either as a first-deposit bonus or risk-free bet, with a high maximum amount. For example, a first-deposit bonus up to $1,000 is better than $500.
- It’s important that there are several promotions available for you. Promos like odds boosts provide you with more expected value on your bets.
- Quick payment processing times with multiple payment methods is another vital factor in your sportsbook selection. It makes payment more convenient and efficient.
- The sportsbook should have customer support available on multiple platforms, especially live chat. It’s helpful to be able to speak to a representative whenever an issue arises.
- Another important feature is that the sportsbook offers several bet types for the Olympics. You want more than just outright winner props, as a larger selection can put you in a better position to be profitable with Olympic betting.
- Finally, it’s imperative that your betting site has an organized layout to make it easy to navigate. Sportsbooks with Olympics as their own category are preferred because if it’s separated into several summer sports, it could be more difficult to access.
How to Bet on Olympic Sports
Olympic betting can be enjoyable and profitable, as long as you have a plan in place. The first thing that you need to do is focus on your most familiar sport, since there are so many available.
The most popular sport within these Olympics is hockey, so this would be a starting point. The best strategy for betting on Olympic hockey is to ride the powerhouse teams.
For example, the Canadian and American women’s teams are among the best in the world. When they are heavily favored in a game, their puck line (point spread) is likely to be at least -4.5 goals. The thing is, the lines are often not set high enough. We have seen lopsided scores in the past, where these teams easily cover these spreads.
When betting on other sports, it’s a good idea to stick to the outright winner of the event. Some events don’t have a clear favorite, so you have an opportunity to hit on an underdog at plus money. This can be a great way to hit a higher payout.
You should research recent trends within these events. Start off with each athlete, checking in to see how they have done in other competitions. I would stick to underdogs because you don’t want to be laying juice, only to watch your selection win silver instead of gold.
Some sportsbooks have a more in-depth selection of bet types, such as betting on the exact time of a finish in a skiing event. However, I would only suggest making a smaller amount of wagers on these types of events, since they are more unpredictable.
Futures bets are good choices when betting on the Olympics, such as total medals for the competition. Certain countries are more successful at the Winter Olympics as opposed to the summer version. Look into recent trends to help find your choice. You can also check to see the favorites of different sports. If most of them are from specific countries, that could help you choose as winner for most medals.
The same principles as other sports also apply for the Olympics. Stick to what you are most comfortable with and if you want to delve into unfamiliar territory, make sure to do your research. This is how you can be profitable with Olympic betting.
What Olympic Sports Can I Bet On?
- Alpine Skiing
- Biathlon
- Bobsleigh
- Cross Country Skiing
- Curling
- Freestyle Skiing
- Hockey
- Luge
- Speed Skating
- Figure Skating
- Skeleton
- Ski Jumping
- Snowboarding
Best Olympics Bets You Can Make
When placing a wager on the Olympics, it’s important to narrow down your selection to specific bet types. Let’s dive into some of my favorite bet types in the Olympic betting market.
Outright Winner
One popular bet type is the outright winner prop, where you select the gold medal winner of your chosen event. Each athlete has different moneylines, depending on their implied probability of victory. Some events don’t have a clear-cut favorite, so it’s a good idea to pick two or three choices at plus money to try to hit that higher payout.
Event Props
Some sportsbooks have props catered towards a specific event. For example, let’s say that you bet on Men’s Downhill in Alpine Skiing, you can choose how many hundredths of a second the winning time will be. Each of these choices are at plus money, which means that they can be quite profitable if you hit.
Point Spread
There are point spreads available for hockey and curling, starting at -1.5 goals. This is a great market to target because some teams are much better than others, resulting in blowout victories. For example, the Canadian women’s team defeated Finland 11-1. Targeting favorites in these situations can be profitable.
Moneyline
You can choose the moneyline, or outright winner, in curling and hockey. These are better to be used in parlays to reduce your risk because they can often be expensive. Parlays involving several heavy favorites could be a safe way to build your bankroll.
Totals
You can bet on the total in curling and hockey games, where you select the Over or Under on the combined goals or points. If the final score exceeds the total, Over bets would win and vice versa for Under bets.
Benefits of Betting on the Olympics Online
Betting online is the preferred platform for any sport and the Olympics are no different. Let’s dive in to explore the benefits of online betting.
- Betting online is more convenient because you can place your wager from the comfort of your electronic device, whether it be a desktop, laptop, or cellphone.
- There are welcome bonuses that provide you with free bet credits when joining a new betting website.
- You’ll also find promotions that add more value to your bets, making them easier to win.
- There are multiple payment options available, so you can always feel secure depositing or withdrawing funds into your account
- The payment processing times are quick and there is a customer support team available on multiple platforms to assist you with any potential issues.
- You can follow your bet through live-streaming and place a live bet quickly, which is important since odds update in real-time.
- There is no reason to travel to your local sportsbook due to the efficiency of online betting.
Live Betting on the Olympics
Live betting allows you to place an in-game wager on an event. The odds are updated in real-time and you must put your bet in during a stoppage in play. There are multiple bet types available in live betting, such as moneylines, point spreads, totals, and props. It can be a profitable form of sports betting in any betting market, including the Olympics.
The best way to utilize live-betting at the Olympics is with curling and hockey. This is because these events last longer, allowing you more time to get a sense of which bet to target.
One way you can do this is by placing a live bet on a favorite. For example, let’s say that the United States were -2.5 favorites against Finland in women’s hockey. The game is scoreless after one period, so the live odds have been updated to U.S.A. -1.5. You can now take that bet and secure the improved value.
The same goes for totals, where the best approach would be to take the Over on a projected high-scoring game that has gotten off to a slow start. For example, if Russia and Sweden are tied 1-1 after two periods, the 6.5 pregame total will have dropped to around 4.5, allowing you to get some value.
Top Online Sportsbook Promotional Offers
There are several betting site offers to keep in mind, such as no deposit bonuses, first-deposit bonuses, risk-free bets, and bet & get offers. Each of these bonuses are provided in bet credits, which are free bets.
You’ll find a detailed explanation for each type of bonus below.
No Deposit Bonus/Free Bet
No deposit bonuses are provided to new users once they have registered for an account. There is no deposit required in order to unlock this bonus. It’s helpful to provide you with a test run of your new sportsbook.
Free bets are often given as a loyalty reward to longtime customers or to generate interest towards a specific betting market, usually during a marquee event. This can allow you to test out an unfamiliar sport.
First-Deposit Bonus
First-deposit bonuses are when the betting site matches your first deposit up to a maximum amount. This usually ranges from $200 to $1,000, but sometimes a site will offer even more.
This is a terrific way to get off to a strong start with sports betting, using your bet credits to accumulate more funds into your account.
Risk-Free Bet
Risk-free bets are given to new users for their first bets. If the bet loses, they will be reimbursed their loss up to a maximum amount, usually ranging from $1,000 to $5,000.
It’s great for bettors because they can take a shot on an underdog more willingly because there’s no financial risk. It’s a win-win situation where they’ll either win their bet or get back bet credits.
Bet & Get
Bet & Get offers are when users can get free bet credits just for betting on a select market. This is usually done to generate interest in a sport, especially during a marquee event like the Olympics.
For example, a Bet & Get can be “Bet at least $25 on an Olympic hockey moneyline to get $10 in bet credits to use on any Olympic event.” This is useful because you’re getting free bet credits just for placing a wager!
Where Can I Legally Bet on the Olympics Online?
You can legally bet on the Olympics online in the following states:
- Arizona
- Colorado
- Connecticut
- Illinois
- Indiana
- Iowa
- Louisiana
- Michigan
- Nevada
- New Hampshire
- New Jersey
- New York
- Oregon
- Pennsylvania
- Rhode Island
- Tennessee
- Virginia
- West Virginia
- Wyoming
Why You Should Avoid Illegal Betting Sites
Illegal betting sites need to be avoided at all costs. Stick with the legal sportsbooks because they’re the much better choice. Let’s find out why.
- Illegal sportsbooks have few deposit options and withdrawals can take longer than legal sites.
- Offshore sites also hide their identity on your bank statements, making it tough to feel secure in trusting them with your money.
- These sites often have unfair odds that don’t align with the rest of the market. You’ll often find yourself paying higher prices on certain moneylines.
- There is a lack of customer support at offshore sites, making it difficult to resolve any issues.
- Illegal sites don’t have the same generous welcome bonuses and useful weekly promotions to help you succeed in sports betting.
- There is often a limited selection of bet types available at offshore sites, particularly with player props.
Choose More Than One Olympics Betting Site
Make sure to choose more than one betting site when placing wagers on the Olympics. This is great to compare odds and find the best lines. For example, you might find that the U.S.A. is +400 to win the most medals at one sportsbook, but +550 at another one. This is a great way to find value.
In addition to this, signing up for accounts on multiple sportsbooks can allow you to take advantage of their welcome bonuses. This will allow you to accumulate hundreds of bet credits to help your bankroll continue to grow.
Remember, these are one-time offers, so it’s important to max out the bonus. For example, if the first deposit bonus is up to $500, then deposit $500. If you aren’t comfortable with doing that yet, then wait until you have earned enough winnings to do so. It’s totally fine to take your time to ensure that you secure every advantage that the bonus provides.
