Gamblers Expected To Wager A Record Amount On Beijing Olympics – Forbes

Let The Gambling Begin: The Olympics will draw record levels of interest from gamblers thanks to the rise of mobile sports betting in the U.S.

Gamblers have been betting on the Olympic Games since the elite sporting event first took place in ancient Greece. But the Beijing Olympics marks the second year that millions of Americans will be able to legally place bets on their favorite country or athlete from their mobile phones. And the action is expected to hit a record level this year.

There are about 30 states where sports betting is now legal, including 18 that allow online sports wagering. This means more than 100 million Americans can place a legal wager where they live. And the money gamblers have been putting up in new legal states is mind-blowing. New Yorks mobile sports betting market hit $1.17 billion in total wagers within 15 days of the programs launch, more than twice as much wagered at sportsbooks on the Las Vegas Strip in December.

Bill Krackomberger, a veteran professional sports gambler, says the rise of mobile sports betting has made it easier for anyone to put a couple of dollars on a bobsled race or a figure skating competition.

It will be the most bet Olympics ever, says Krackomberger, who is also the founder of sports betting app KrackWins. Its a different market now with new states, which will translate to ridiculous amounts of money for the sportsbooks and a catastrophe for the people betting at home in their underwear.

Johnny Avello, the head of DraftKings race and sportsbook, says the Olympics is still considered a novelty bet and the Beijing Games will only be the third Olympics DraftKings has offered. But thanks to a week-long lull in football before theLos Angeles Rams and the Cincinnati Bengals face off in Super Bowl LVI, the Olympics will fill a void.

It will be a record this year, says Avello. Theres more events, more people are aware they can bet, and now there are 18 different jurisdictions to place a wager.

Betting on Bell: Mariah Bell, a U.S. figure skater, is the oldest U.S. women's figure skater to go to the Games in nearly 100 years.

Sportsbook directors in Las Vegas say interest around the Olympics is still relatively low compared with moneymakers like the NFL. But its a new betting opportunity: it was not legal to bet on the Olympics until 2016 in Nevada and sports betting was federally illegal, except in the Silver State, until 2018.

Interest in betting on the Games has been growing. According to a report by the American Gambling Association, 20 million American adults planned to bet on any one event during the Tokyo Games last summer. Thats nearly as many people who bet on theSuper Bowl, the biggest money betting event in the U.S. Last year, gamblers bet an estimated $4.3 billion on the Super Bowl.

Duane Colucci, race and sports manager at the Rampart Casino in Las Vegas, says hes expecting good handle, but the power of patriotism might open a gamblers wallet.

Its a significant event, people are interested and theyre passionate about their country, says Colucci. Were looking for a good handle, not a superior handle, but its lucky its happening before the Super Bowl and theres not a full menu of other sports games.

Offering Olympic prop betssay, which country will win the most medalsis also a way for physical sportsbooks to keep up with their mobile counterparts.

Everyone is expanding, whether its FanDuel, DraftKings, Caesars, theyre putting out player propositions, says Colucci. To compete, we will put up Olympic events to garner some handle.

Most of the action will be from casual gamblers as professional bettors typically dont take the Olympics too seriously. There are too many unpredictable elements to the Games to entice sharps. Another damper on the action will be the fact that players from the National Hockey League will not be going to the Games this year and Chinas Zero Covid policy could take out a favorite athlete or an entire team. (On Monday, there were already119 Covid-19 casesamong athletes and personnel in the Olympic Village.)

Its a fun bet, Krackomberger says of gambling on gold medals. You want to bet America to win something. But I wouldn't recommend this for anybody. I think betting on the Olympics, like any other future betting, is for suckers.

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Gamblers Expected To Wager A Record Amount On Beijing Olympics - Forbes