Why millions of amateur gamblers will bet on the Tokyo Olympics:
Larry, a serious gambler who lives in New Jersey, says he’s made some future bets on the U.S. men’s basketball team, U.S. men’s soccer and U.S. women’s soccer team to win gold but he’s not that excited about the Games.
Sure Thing: Simone Biles, the 24-year-old American gymnast, could win as many as five gold medals in Tokyo.According to a new report by the American Gambling Association, 1 in 10 American adults will place a bet on any one event during the Tokyo Games. That’s nearly as many people who bet on the, one of the biggest money betting events in the U.S.
“This is when we encourage our guys to go on vacation,” says Murray. “It’s July, it’s a good time for people in our industry to leave Vegas and get ready for football season.” That same afternoon at the Westgate, someone put $100 on Lily King, who is on the U.S. women’s swim team and hasn’t lost a race since 2015, to win the 200-meter breaststroke at 12 to 1 odds.
They’re also listing odds on more obscure sports to test the market, including badminton, handball, judo and surfing. Krishnamurty predicts that big standalone events will bring $5 million to $10 million to a single sportsbook and the total handle for every Olympic event combined will surpass $100 million for any given sportsbook.aking action on the Olympics is not new—people in ancient Greece apparently gambled on the elite sporting event. Olympic action is also not new for BetOnline, an unlicensed offshore gambling site in Panama that’s been taking money on the Games for two decades.
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