Olympic Betting Prep »

With the Olympic Games drawing ever-nearer, it is vital that you understand what markets and sports are offered by bookmakers and, ultimately, what you should bet on. The only time in four years when it becomes customary to bet on sports such as water polo and kayaking, Olympic gambling is one of the highlights of the betting calendar for all big betting companies.

As the Games draw closer, you need to keep your ears open for Olympic betting offers and specials that the bookmakers are undoubtedly going to provide. Usain Bolt and markets for the 100 metres are already available, but the majority of events have not yet been finalised. However, when they are, there a certain few things that you need to look out for.

There will be many sports on offer, and you will need to search for the best odds on each event when betting on the Olympics. There are far too many events to concentrate on all of them, so it’s wise to choose carefully. Of those markets that are available, you should focus your efforts on sports that you know something about or have an interest in. Olympic gambling is all about being selective; you won’t help yourself or your wallet by placing hopeful wagers on markets you know nothing about.

Betting companies will introduce markets on most sports, so whether it is judo you are interested in or archery, you will be able to place a wager. However, it is unlikely that the main betting sites will simply offer the ‘Gold Medal’ market; it’s worth looking around for other options. For example, in track events, it is likely that you will be able to bet on ‘who is going to drop the baton’ in the relay, or ‘who will finish second to Usain Bolt in the 100 metres’ and so on. This won’t just be the case for the track, either; there will be plenty of other markets on offer in different sports for an eager punter.

Other things to look out for when betting on the Olympics is whether or not you will be able to accumulate across sports or within certain sports (i.e. 100 metre qualifiers, quarter-final, semi-final and final), or place a lucky 15 or super-heinz etc. The variety of Olympic betting options that most sites offer will come into their own over the course of the two and a half weeks, and placing an accumulator on different competitors in different sports could enable you to win big.

One word of advice when it comes to betting on the Olympics, however, is to make sure that you bet on events that are not completely impossible to unscramble. For example, if you are looking to back a competitor in the table-tennis competition, but there are sixty contestants all at around the same price, it would be foolish to try and pick a winner. What you need to do is to sift through each event and find a contest where there are a few likely winners, read up on them and then pick your favourite from there.

Bankroll management is also important when considering Olympics gambling, seeing as there are so many events that can entice your wallet. However, if you keep a cool head and only look for the ‘easy’ events to place a wager, then you should be fine.

As the Games approach, it is helpful to look out for news stories about which participants are in good form, which have had injuries in the run up and who of the British contestants are in prime fettle. Olympians such as Chris Hoy, Rebecca Adlington, Mo Farah, Dai Greene and the Coxless Four are all examples of competitors that will start at short prices. However, it may be wise to keep to this type of competitor when Olympic betting, seeing as there will be many at the Games that you will have never heard of.

The thing to do when Olympic gambling is to make sure that you know enough about the competition, the participants and the event itself. Once you know a substantial amount, search for offers that bookmakers will be providing. Hopefully, you will be such an expert by the time the Games arrive that you will be able to rake in a considerable profit.