How to Bet on the Summer Olympics
If you are looking to bet on something other than the usual NBA, NHL, MLB, and NFL bets, look no further than betting on the Olympics. Every four years, the best athletes from around the world compete across 329 events in 32 sports events. That is a lot of opportunities for you to earn from sports betting. In our latest sports betting tutorial, we will guide you on how to bet on the Summer Olympics, such as the main bet types you can make, as well as strategies you can use to win more.
Of course, you also have the option to open an Olympic betting site, which you can easily do with the help of a pay per head software. That way, you can earn more as the bookie, instead of just earning from the wagers you make.
Different Bet Types in the Summer Olympics
Generally, sports betting has a staple of bet types that you can make in each sport, such as the moneyline, totals, and the spread. But there are certain bets that are unique to a certain sport and tournament. Thus, when you bet on the Olympics or become a bookie and offer Olympic betting, these are the bet types you will come across:
Outright Betting. This is when you place a wager on a player or team to outright win in a particular sport or event. For example, you can bet on the United Kingdom to win the Gold Medal in Soccer.- Match Betting. This is a wager you will place on the outcome of a single match or fixture. For example, if you are looking at the Basketball 3×3 games, you can bet on all of the games individually on who will win.
- Podium Finish. A podium finish bet will have you betting on who you think will finish in the top three positions of each event.
- Special Bets. These are basically your proposition, or prop bets on the Summer Olympics. For example, you can bet on who will score the first goal or point in an event.
How to Bet on the Summer Olympics: Best Strategies
Here are some of the tried and tested strategies you can use to make well-informed wagers on the Summer Olympics:
Research. It is important to always do your research and know who are the players or teams competing. Look for match up histories or predictions from experts. It also helps to know the history of the teams for each event. In the Olympics, some countries tend to excel at certain sports. For instance, the US is known to do well in swimming and gymnastics.- Diversify Your Bets. Look at both short-term and futures bets, and bet on different sports or events. Try to place bets on different events so you can minimize having a streak of losses from a single event only. Of course, make sure that when you bet on other events, you know about the events and teams you will be betting on.
- Manage Your Bankroll. As always, set a budget and stick to it. Do not overspend and try to catch up, especially if you come across a series of losses. You can set a weekly betting limit to help control your spending.
- Look at the Odds. Always check the odds to make sure that you have a good chance at a generous payout when you bet. Sometimes, the odds look attractive but the payouts are too low to be worth the risk. In addition, some bets or events may be getting a lot of public betting, especially for popular events, so check the odds to make sure you can place a bet that can give you a good payout- even if it means betting against the favorite.
The Summer Olympics will start on July 26, 2024, and will end on August 11. There is more than enough time for you to learn and prepare for Olympic betting. You also have the time to consider opening your own sportsbook instead. These pay per head reviews can help you find the best software to help you open a sportsbook without spending a lot.
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