Top Olympics Betting Sites 2024: Guide to Summer Olympics Betting

Discover the many types of betting markets available ahead of the 2024 Summer Olympics in Paris.

Josh Inglis - Betting Analyst at Covers.com
Josh Inglis • Betting Analyst
Jul 12, 2024 • 09:29 ET • 7 min read
Paris Summer Olympics rings at the Eiffel Tower

Olympic betting is sure to be new for many bettors, and with so many events to choose from, learning how to bet on the Olympics could be overwhelming.  Let us guide you through Summer Olympics betting with some basics on reading odds and tips for making smarter Olympic bets.

Can you bet on the Olympics?

Yes, you can bet on the Olympics through various sportsbooks and betting platforms that offer Olympic betting markets. Betting on the Olympics typically includes a range of popular sports such as track and field, swimming, gymnastics, basketball, soccer, and more. However, it's important to note that betting regulations vary by country and state, so it's essential to check the laws in your jurisdiction.

Where to bet on the Olympics

Olympic betting is still quite new, but the Paris Summer Games will surely attract many bettors. Where you bet on the Olympics is just as important as what you bet, and we review the best betting sites available to you.

How to bet on the Olympics

The 2024 Summer Olympics will commence on July 26, and thanks to the increase in legalized sports gambling, this year’s Summer Olympics should be the most bet-on ever. Follow the tips from our Olympic betting guide below to make smarter wagers in this mostly unfamiliar market. 

Olympic sports you can bet on

Since the Supreme Court ruling in 2018 paved the way for legalized sports gambling in America, sportsbooks are giving us lines on everything — that will include the 2024 Summer Olympics. In previous years, bettors could only wager on just the major sports or nation’s medal totals. That will change this year.  

The more popular markets like total and gold medal winners and countries’ O/U medal counts are already available while individual event markets are starting to open up as qualifications finish. Here is a list of sports that already have betting markets available:

  • Badminton
  • Basketball
  • 3x3 Basketball
  • Beach Volleyball
  • Boxing
  • Breaking
  • Climbing
  • Cycling
  • Fencing
  • Field Hockey
  • Golf
  • Handball
  • Mountain Biking
  • Rowing
  • Rugby Sevens
  • Soccer
  • Surfing
  • Swimming
  • Table Tennis
  • Tennis
  • Track & Field
  • Triathlon
  • Water Polo
  • Wrestling
  • Volleyball

Types of Olympic bets

Not all Olympic bets are made equal as, much like other major sports, there are different types of bets available to bettors for the 2024 Summer Olympics. Learning how to read Olympics odds can be intimidating for people new to the betting world, so we have broken down and simplified the types of Olympic bets so you can make more insightful wagers this summer.

Moneyline: betting who will win an Olympic event

Betting on the moneyline — sometimes referred to as ML — is one of the most straightforward bets you can make — all you need to do is pick the winner. 

The odds are based on implied probability. If a team is a big favorite to win, its probability is high and will have lower odds. You can use our odds converter & moneyline calculator to see a team’s implied probability based on their odds. 

Most of the time, the odds are displayed in American odds (hundreds), with the bigger negative number being the favorite while the higher odds would be the underdog. If the favorite is listed as -150, we would need to bet $150 to win $100 or bet $130 if listed at -130 to win $100. Underdogs are easier to calculate as a +125 team would pay $125 on a $100 bet or $150 at +150.

Teams Odds
USA United States +110
Canada Canada -120

In this example, Canada at -120 would be considered the favorite while the United States at +110 would be the underdog. We would need to wager $120 on Canada (-120) to win $100 if Canada were to win the game. If we wagered $100 on the United States (+110) and won, we would win $110 plus our initial wager.

Over/Under totals 

Olympic Over/Under totals work exactly like other sports’ totals. Books set an educated number on something, and we choose whether we think the final total will be below (Under) or above (Over) that set total. Most totals are set at half-numbers which eliminates the chances of a push or a tie. 

There are many Over/Under totals in Olympic betting, with the most common being nations' total or gold medal counts. Books will set a total number on how many medals a country could win, and we bet against that number — either Over or Under. 

Teams Odds
Over 3.5 -110
Under 3.5 -110

Using the example above, a game between the American and Canadian women’s national soccer teams has a set total of 3.5 combined goals for the match. The odds for both the Under and the Over 3.5 are listed at -110, which is a common price from most reputable books. If the game finishes with seven total goals or more, Over bettors will win. If the total goals in the game equal six, or fewer total goals, Under bettors will win the bet. 

Point spread

Points spreads are a way to create a more even bet between two teams that are not equal. Books will set a line (the point number or spread), and bettors will have to choose if the favorite (the “-” team) will win by more than that set number or if the underdog (the “+” team) will not lose by that set number.  

Basketball will be one of the the most common point spread bets offered at the 2024 Summer Olympics. 

Teams Spread Odds
USA United States +1.5 -225
Canada Canada -1.5 +180

In this example, Canada is a +1.5 point favorite in a game against the United States, meaning they need to win the game by two or more points to cover the spread and win the +180 bet. If Canada wins by one point or loses, bets on Team USA at +1.5 (-225) will pay out. Betting on the underdog is commonly called taking the points, while a bet on the favorite is referred to as laying the points.  

Props 

Prop bets — short for propositions— are a way to wager on unique situations or markets. The Super Bowl has made prop betting famous, with bettors wagering on things such as the length of the national anthem and the color of the Gatorade. 

The 2024 Summer Olympics will offer customers a variety of prop bets, including many Yes/No markets, such as will a world record be set in the men's 100 m race or will an athlete beat the record for most gold medals at a single Summer Olympics.

Futures

Future bets are long-running markets. They take longer to pay out but have a longer return in regards to entertainment. Some of the most common Olympic bets would be considered future bets, such as a country’s total medal count or a certain nation winning a gold medal in a specific competition.

Country Odds
USA United States -2,500
China China +900
Japan Japan +5,000
Great Britain , United Kingdom Great Britain +5,000
France France +8,000

Looking at the futures odds above for most gold medals won, we see the United States as a massive -2,500 favorite to capture the most golds followed by China in second place with +900 odds. These odds would be available before the events started, and any bet wouldn’t pay out until all the competitions have finished. Olympic future bets are enjoyable but tie up our funds for a long period of time. 

Parlays

Parlay betting is a way to bet a little and possibly win a lot. With a parlay bet, we add multiple bets together, and the odds of each of those bets are multiplied and then multiplied again by our wager amount. We need every bet on the ticket to win to get paid for a parlay bet to win. Most sportsbooks will allow us to parlay our Olympic bets. 

Live betting

Most online and mobile sportsbooks will offer live Olympic betting. Bettors should be able to bet on live Olympic hockey, curling, and a handful of other events. Live betting allows bettors to get different totals, puck lines, and odds than the opening and pre-game numbers.

Olympic betting tips

When betting on Olympic odds, there are a few key factors to consider before placing a bet.

Play within your means Play within your means

The first tip is more of a general betting rule. Play within your limits and step away if you feel like you’re chasing games. This is probably even more relevant in Olympic betting as most bettors will be less educated in the markets and competitions than major sports markets.

Look Beyond Don't bet blindly

Spend a little time digging into the events and markets you plan to wager on. A little research can go a long way in increasing that ROI.

Covers Global Two Color Bandage Watch for injuries

Just like other sports, injuries will play a big role in the Olympics. Check to make sure a team’s best player isn’t sitting out a certain match. 

Line Movement Follow the lines

If you see that a favorite’s odds have dropped substantially, there is most likely a reason. If you can’t find any reason for the line movement, there could be some sharp or respected money coming in on the other side.

Smart Betting Start slowly

Many of the competitions will be new to viewers, and a conservative approach at the beginning of the Olympics could have long-lasting effects on our bankroll.

Covers Global Two Color Cloudy   Copy Watch the weather

Weather will play a factor in outdoor sports. A quick search shows that the average temperature in Paris during July is 26 degrees.

Olympic betting FAQs

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