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US basketball and soccer teams are expected to drive higher betting activity during the upcoming Olympic Games, according to experts. Historically, the Olympics has not been a major betting event, but sportsbooks see potential this year.
John Ewing, a spokesman for BetMGM Sportsbook, believes this Olympics could attract unprecedented betting. “We expect this to be the most bet-on Olympics in the history of legal sports betting,” he told the Associated Press.
Several factors contribute to this outlook. One major factor is the increase in the number of states offering legalized sports betting. Three years ago, 97 million Americans, or nearly 40% of the adult population, had access to legal sports wagering in their home states. Today, that number has grown to 164 million, or 67% of the adult population, according to Joe Maloney, spokesman for the American Gaming Association.
The location of the Olympics also plays a role. With Paris being six hours ahead of New York, the time difference is more favorable for US bettors compared to the 13-hour difference during the Tokyo Games three years ago. This more convenient betting window could further boost engagement.
Despite these optimistic projections, experts acknowledge that the Olympics traditionally has not been a big money-maker for the betting industry. However, with dominant US teams and increased access to legal betting, this year might see a shift.