The USA is expected to chase Norway for the highest medal count at the Winter Olympics in Milan and Cortina d'Ampezzo, Italy, which began on Wednesday.
Norway is favored to win the most medals and gold medals across major sportsbooks, while the USA is projected to battle for second or third in medal count.
Key Takeaways
- Norway won the most medals and gold medals at the 2022 Beijing Winter Olympics.
- The USA was third in gold medals and fifth in Medals in 2022.
- Team USA has an over/under of 12.5 gold medals in Italy
While the opening ceremonies for the Winter Olympics, known as Milano Cortina 2026, begin on Friday, the events actually got underway on Wednesday with training runs and preliminary rounds.
The medal count odds favorite, Norway, enters as the reigning Winter Olympic champion. The Nordic nation claimed 16 golds and 37 total medals at the Beijing Winter Olympics in 2022, besting the Russian Olympic Committee in total medals (five golds, 32 total medals) and Germany (12 golds, 27 total medals).
The USA tied with China for third in gold medals (nine) and was fifth in total medals (25).
At FanDuel Sportsbook, Norway has -310 odds (75.6% implied probability) to win the most medals. The USA is second at +550 (15.4%). Here’s how two of the top sportsbooks view the race to win the most hardware and Winter Olympics odds.
| Country (top 10 only) | FanDuel odds | bet365 odds |
|---|---|---|
| Norway | -310 | -300 |
| USA | +550 | +600 |
| Germany | +800 | +450 |
| Canada | +2,500 | +1,400 |
| Italy | +6,000 | +3,300 |
| China | +6,000 | +6,600 |
| Switzerland | +6,500 | +6,600 |
| France | +6,500 | +6,600 |
| Austria | +6,500 | +8,000 |
| Netherlands | +10,000 | +6,600 |
Most gold medals odds
Winning an Olympic medal is an incredible achievement, but winning the gold medal puts athletes in legendary territory forever.
Norway is favored to win the most gold medals in Italy at -160 (61.5% implied probability) at DraftKings. They also have Germany (+400) just ahead of the USA (+450), although sportsbooks are split on where to put the Americans in Winter Olympics gold medal odds.
Here’s how different sportsbooks see the race to collect the most golds.
| Country (top 10 only) | DraftKings | FanDuel | bet365 |
|---|---|---|---|
| Norway | -160 | -210 | -300 |
| Germany | +400 | +700 | +450 |
| USA | +450 | +370 | +600 |
| Canada | +1,000 | +1,800 | +1,400 |
| Italy | +2,000 | +4,500 | +3,300 |
| Switzerland | +2,800 | +3,000 | +6,600 |
| Netherlands | +3,000 | +6,500 | +6,600 |
| Sweden | +5,000 | +6,500 | +10,000 |
| France | +6,500 | +6,500 | +6,600 |
| China | +6,500 | +6,000 | +6,600 |
Winter Olympics individual betting markets
On top of the race in the medal counts, sportsbooks are offering betting odds for a variety of events at the Winter Olympics.
Caesars currently has gold medal odds for all of the following events: biathlon, bobsleigh, cross-country skiing, curling, freestyle skiing, luge, short-track speed skating, skeleton, ski mountaineering, and speed skating.
bet365 has many of those markets, as well as alpine skiing, luge, nordic combined, ski jumping, and snowboarding.
BetMGM has alpine skiing, biathlon, bobsled, cross-country skiing, curling, figure skating, freestyle skating, ice hockey, luge, nordic combine, short-track speed skating, skeleton, ski jumping, ski mountaineering, snowboarding, and speed skating.
The list of options at sportsbooks varies and likely will expand to include popular sports such as ice hockey once those events begin.
"The Olympics are here and ice hockey will be the most popular sport to take place this winter. All eyes will be on the U.S. and Canada after their fiery matchups in the Four Nations Face-Off last year," said BetMGM senior sportsbook trader Matthew Rasp.
"In addition to those powerhouses, we wouldn't be surprised to see Germany put on a respectable performance. Fans will be hoping the U.S. and Canada cross paths again in Milan, and we’re already seeing bettors split on which country they think will take home the gold."
At BetMGM 42% of the betting tickets are on Canada to win the men's hockey tournament, while 48% of the handle is on USA.
In women's ice hockey, the U.S. is the -140 favorite and 72% of the tickets and 97% of the handle are on the American women.
For anyone who feels like cheering on the stars and stripes, FanDuel has a “USA Total Gold Medals” market with an over/under of 12.5. There are -126 odds on the over and -102 on the under.
The Winter Olympics will run through Sunday, Feb. 22, when the closing ceremony will mark the end of the event.
