Dubbed the ‘Global Spectacle of Sports,’ the Olympics is a massive event segmented into Summer and Winter competitions. Initially, the Olympic games were tailored exclusively for amateur athletes, restricting the participation of professionals. However, this stance has considerably softened over time, leading some to question the appropriateness of placing bets on the games on online casino.
The reality is there is no rule barring bets on either the Summer or Winter Olympics. The diverse range of sports presented in both versions of the Olympics gives bettors ample opportunities for engagement. The potential for winning is even higher, given that bookmakers may not have detailed knowledge of all sports, thus creating attractive betting avenues.
Betting on Olympics: A Legitimate Practice
The Jim Thorpe episode underscores the seriousness with which the Olympics maintained its ‘amateur-only’ status. Thorpe was stripped of his 1912 Olympic gold medals when it was revealed that he had previously played minor league baseball for pay. Although his medals were returned posthumously, his instance of paid sports participation as a youth disqualified him from being considered a true Olympian.
In the past, bookmakers refrained from offering betting options on amateur events due to their unfamiliarity with these markets. As the stance on professional athletes shifted in the 1980s, with both the International Soccer Federation and the International Tennis Federation relaxing their rules on amateurs, betting markets on Olympic games gradually surfaced.
However, the rules regarding amateur participation vary from sport to sport, mainly due to calendar conflicts rather than moral considerations. With the continued evolution of the Olympics, bookmakers have started covering more events, often due to a better understanding of the sports with professional participation.
Not All Betting Markets Are Accessible
While betting on the Olympics is perfectly legal, not all bookmakers provide odds for all potential markets. For instance, during the 2016 Summer Olympics, even though betting was legal for the first time in almost two decades in the USA, many gamblers in Las Vegas held back from betting on many events. Reasons for this can vary, from bookmakers not offering odds to the American sports stars being overwhelmingly favored, which creates minimal betting value.
Guidelines for Olympic Betting
If you decide to engage in Olympic betting, it’s crucial to consider certain factors to optimize your potential returns:
- Stick to Familiar Sports: The charm of obscure sports like artistic swimming, badminton, and Greco-Roman wrestling can be tempting. However, the more you know about the sport, the better your chances of placing a successful bet. So, concentrate your betting on sports you understand well.
- Research Past Events: Prior iterations of the Olympics and other significant tournaments, like the World Championships, can provide valuable insights for your bets. Familiarize yourself with the top sports competitions you plan to bet on and the athletes who perform well in these competitions.
- Pay Attention to Experts: Utilize the knowledge of former athletes and experts who provide media coverage. They can offer critical insights into lesser-known sports, giving you an edge over bookmakers less familiar with these events.
- Master the Niche Markets: Each Olympic year, and bookmakers introduce several niche markets. You could make considerable gains if you can spot these markets and conduct in-depth research.
In conclusion, betting on the Olympics, whether Summer or Winter, is entirely legitimate. As bettors, doing our due diligence and continually updating our knowledge will put us in an advantageous position to make the most of the various betting markets available during the Olympics.