On July 26, 2024, the French City of Light will host an event as radiant as itself. The Paris Olympic Games will gather 206 countries’ most talented athletes to compete in different sports, and will be the first Olympics to hold a ceremony outside a stadium, with participants traveling by boat along the Seine. Two days after, the first-ever Paralympic opening ceremony will take place at a parade through the Place de la Concorde, at Champs-Elysées.
However, it’s not just innovation and creativity that make this edition of the Olympics unique. With the recent legalization of betting in emerging markets and regulatory updates in major markets like the USA, the gambling industry has increased bets and participation during this highly anticipated event. If you want to understand what’s trending for the Olympics and place your bets during matches, here are some tips to help you evaluate the best opportunities in this event.
The Betting Market During the 2024 Olympics
In an article published by Control F5, an iGaming service hub, the company notes that the betting market in France is already valued at over R$7 billion due to the Olympics. However, its impact on gambling extends far beyond the host country.
The sports betting market in Brazil grew 734.6% since its legalization. According to a survey by the IBIA, H2 Gambling Capital, and the Brazilian Institute of Responsible Gaming (IBJR), Brazil ranks fourth among the countries that bet the most in 2024. Data from the Central Bank indicates that Brazilians wagered around R$54 billion between January and November 2023 on sports betting platforms.
In addition to these significant numbers, the interest of Brazilian bettors in events like the Olympics stems from their view of these competitions as an opportunity to diversify their bets. Sports such as athletics, swimming, and artistic gymnastics, traditionally less targeted, gain prominence and attract a new audience of bettors. Moreover, these tournaments also capture attention in countries with robust betting regulations, such as the USA. With recent improvements in betting laws, the USA is now expected to lead the betting scene during the Olympics, with heightened interest in gymnastics and swimming.
Tips to Place Your Bets During Matches
Betting on the Olympics can be an exciting opportunity to engage with a wide variety of sports. If you are already familiar with sports betting, you understand the different types of bets available. Moneyline bets, for instance, involve predicting the outright winner of a particular event, and can be placed in Basketball and Volleyball matches before the game starts. Point spreads, on the other hand, are the favorite type of bets when there’s a clear favorite or a large skill gap, which is common in sports such as gymnastics and swimming. Futures bets are placed on long-term outcomes, like which country will top the medal table, and prop bets involve specific occurrences within events, such as the performance of an individual athlete.
A critical aspect of successful Olympic betting is thorough research. Understanding the form, recent performances, and any injuries of athletes and teams can provide valuable insights. Historical performance in specific events can also be a good indicator, as certain countries and athletes tend to dominate particular sports. Staying informed with the latest news and updates is equally important. Changes such as injuries, weather conditions, or last-minute withdrawals can significantly affect the outcome of events.
Although extensive research can improve your chances of winning bets, there’s no guaranteed formula for success. Sporting events are influenced by numerous factors beyond just skill and ability. And thankfully, the outcome is not the only thing that matters for bettors. Research from KTO, one of the biggest online casinos in Brazil, during the 2022 World Cup revealed that most people tend to bet on their favorite teams, even when they are the underdogs. This is because the satisfaction of betting and watching your team perform well transcends merely winning for most of the audience.
However, if you intend to bet with friends or to make assertive choices, diversifying your bets across different sports and events can help mitigate risk and increase your chances of success. While popular events like athletics and swimming attract a lot of attention, betting on less mainstream sports can offer valuable opportunities due to varied odds. Comparing odds from different sportsbooks is also a smart strategy, as it allows you to find the best value for your bets. Many sportsbooks offer bonuses and promotions during the Olympics, which can further enhance your betting experience.
What to Expect of Betting in Brazil
With the recent legalization of betting, there is great anticipation for the upcoming Olympics among gambling sites. Football stands out as one of the most eagerly awaited sports at the Paris 2024 Olympics for Brazilians. Even without the Brazilian national team competing in the men’s category, the matches between the national teams are expected to deliver excitement and thrilling contests for the fans.
In addition to football, there is a significant buzz around the opportunities to bet on Brazil’s top athletes. Names like Gabriel Medina in surfing, Rebeca Andrade in gymnastics, and Rayssa Leal in skateboarding are drawing considerable attention. The passion for supporting the nation’s athletes will undoubtedly drive interest in these events.
As the Paris 2024 Olympics approach, the combination of legalized betting and the enthusiasm for both team and individual sports is set to create an electrifying atmosphere. Fans and bettors alike can look forward to a spectacular showcase of athletic prowess, with the added excitement of betting opportunities to enhance the experience. This synergy of sports and betting promises to make the Paris 2024 Olympics a truly unforgettable event for everyone involved.
