What is Olympics betting and how does it work?
Olympics betting is back for another summer and here at Paddy Power we’ve got some treats in store for you! Paddy’s been reading up on all 32 sports taking place at the Games this summer – yes, even breakdancing and freestyle wrestling.
The result is more Olympics odds than ever before! Whether you’re an athletics fan, love diving, or one of those people who think football shouldn’t be in the Olympics yet watch every match, we’ve got a market for you.
In this guide, we’ll explore the world of Olympics betting and how the odds work. We’ll look at the type of sports available to bet on, and throw you some Olympics betting tips too.
WELCOME TO PADDY POWER NEWS!
What is Olympics betting?
Olympics betting is a catch-all term for betting on any of the 32 sports available at the summer Games. The idea is to stake money on an outcome you think will happen, and earn profit if you’re proved right.
There are a huge range of Olympics bet options available at Paddy Power. We’ll look at these bet types in more detail later in this guide.
The general principle, though, is that you can bet on anything you like (within reason!). So, you can bet on an athlete to win the Women’s 100m final. Or a swimmer to win the 200m butterfly gold. You can also bet on popular sports like football, golf and tennis that thrive outside of the Olympics too.
How Olympics odds work
Before we look at the types of Olympics odds on offer, it’s worth looking at how the odds actually work. All betting odds display how much money you’ll win relative to your stake.
Paddy Power offers two types of Olympics odds: decimal and fractional. Here’s how they work:
Decimal – These odds show how much money you take back from a winning bet, including your stake. Decimal odds are relative to a £1 bet. So, odds of 4.00 means you’ll ‘take back’ £4 for every £1 you wager: £3 profit + £1 stake = £4.
Fractional – These odds show how much profit you make from a winning bet, relative to the stake. The figure on the left is the profit, and on the right is the stake. So, odds of 3/1 means you earn £3 for every £1 staked. If you bet £10 on GB to win road cycling gold at odds of 3/1 then you earn £30 profit PLUS your tenner back = £40.
Types of Olympics bet
Let’s now look at the Olympics bet options you have when joining Paddy Power. Our odds are available to all account holders and you can always check your bet in the bet slip before confirming it.
Medals table and other outrights
Outright Olympics bets focus on the entire Games. They include markets on which nation will top the medals table, how many golds will GB earn, etc. They are the perfect first options for those who prefer long-form betting and want to track the stats throughout the Olympics.
Team point-scoring sports
You can bet on team sports in the Olympics such as football, water polo, basketball, hockey, volleyball and rugby sevens just as you would outside of the Games. Paddy Power offers extensive odds on these team sports, including match winner, correct score, over/under totals, and player specials.
Betting on team sports is ideal if you already know the sport inside out. For example, many football betting fans will look towards the Women’s and Men’s Olympics football odds before any other sport this summer.
Individual point-scoring sports
The Olympics is packed with individual sports where one athlete (or doubles partnerships, in the case of tennis, badminton and table tennis) compete on their own for their nations.
We’ve grouped the following sports as ‘individual point-scoring’ sports, as opposed to races that are a different category.
Individual point-scoring includes diving, boxing, archery, fencing, gymnastics, shooting, taekwondo, judo and weightlifting. Now, you’ll notice some of these sports also have a team element for some medals, such as group all-round rhythmic gymnastics.
The betting is the same whether it’s a team sport or not. You can focus on match or event winners, points scored, margin of victory, etc. The main thing to note here is that winners and losers are decided on points.
Races and ranges
Finally, we come to the races and ranges sports that dominate Olympics betting. Race sports include athletics, swimming, cycling, sailing, and triathlon.
Range sports focus on who can jump the highest, leap the farthest, and throw the biggest distance. Sports such as triple jump, long jump, high jump, pole vault, hammer, javelin, shot put and discus fall into this category.
You can bet on athletes to win medals in these race and range sports.
3 Olympics betting tips
If you’re planning to bet on the Olympics but aren’t sure where to start then Paddy’s here to help. Below are three quick tips for Olympics betting that can help you in the right direction:
Only Bet on Sports You Know! – There are a lot of unfamiliar sports at the Olympics and this is an opportunity to branch out a little. However, it would be foolish to throw bets at an archery contest without knowing the rules first. The tip, then, is to either bet on a sport you know or do your research. We mean thorough research. Look at the sport’s governing body for the latest results, read up on the top athletes, and watch it all live to gain as much knowledge as possible.
Don’t Rush – The Olympics is a three-week event so there’s no rush to place your bets immediately. Sports such as football and tennis take a long time to complete and the medals betting will fluctuate. Similarly, if you’re betting on the marathon or triathlon then you might benefit from following the live odds first, before placing your bet.
Back the Big Nations – The Olympics may promise to be a level playing field for all athletes but in reality the richest nations in the world win the most medals. Better technology, sports science, and training facilities means the USA, Great Britain, China, France and Japan usually do well at the Games. If you’re unsure who to back in events, look at those representing these nations as a guide. They’ll probably end up with a medal at least.
Olympics betting guides
- Olympics Tips: Paddy’s guide to betting on Olympics every four years
- How do Olympics odds work?
- Olympics Tips: How to bet on swimming
- Olympics Tips: Betting on athletics at the Games
- Olympics Tips: How to bet on rowing
- Olympics Tips: How to bet on the medals table when USA will probably win
THE PADDY POWER GUIDE TO RESPONSIBLE GAMBLING – EVERYTHING YOU NEED TO KNOW