Perhaps the most elite competition during a global sporting calendar is the Olympics. The Olympic Games are a great way for sports enthusiasts and sports bettors to gather and celebrate what they love doing. Whether it’s supporting different sports or athletes or accessing the different betting opportunities for earning some huge bucks, the Olympics offers all kinds of avenues to do so.
This year, in 2022, the Olympics will be held during the winters. And while Winter Olympics are not the same as their summer equivalent, they are still enjoyed globally. Tokyo Olympics were supposed to be held in July 2020, but because of the COVID-19 pandemic, those Olympics took place in 2021.
Now, the 2022 Beijing Winter Olympics will be kicking off on Feb 2, 2022. This is a treat for sports fans and bettors as they will be enjoying a unique situation of two Olympics games within six months.
With this betting guide, we’ll guide you on how the Olympics works and how you can bet on the 2022 Beijing Winter Olympics.
The US States that Allow Betting on the Olympics
In 2018, the US Supreme Court passed the ruling which allowed Americans to bet legally on sports. As of now, more than thirty states have legalized sports betting. Every state has various betting methods available. Some offer online betting, whereas some offer traditional retail betting. Virginia, Wyoming, and Tennessee only offer online betting.
The states also separately decide which sports would be allowed to be wagered upon. Colorado is one of those states where bettors can bet on almost all states. Some states only offer sports betting for the big leagues and tournaments like NBA, NHL, or the PGA Tour.
Many states have authorized betting activities during the Winter Olympics to take place, but some have decided to sit this out. Following are some of the states that currently allow Winter Olympics betting.
- Arizona
- Connecticut
- Indiana
- Iowa
- Louisiana
- Mississippi
- Nevada
- New York
- Oregon
- Pennsylvania
- South Dakota
- Tennessee
- Virginia
- Wyoming
Delaware, Montana, New Hampshire, North Carolina, Rhode Island, and Washington DC have not yet legalized betting on the Olympics.
Sporting Events During the Winter Olympics
There are 15 sporting events during the Winter Olympics, and these events will present various betting opportunities. While not every online betting site or sportsbook will be offering bets for each sport, you can look for the following betting events and their markets at your favorite sportsbooks.
Figure Skating
Figure Skating is the most popular sport and betting event in the Winter Olympics. It can arguably be the most popular Olympic sport. The skaters jump and move flawlessly, and the millions of fans around the world love to watch them do so. The storylines, along with the action, are beautifully done on the ice.
In 1994, figure skating was at its peak of popularity. This was because Nancy Kerrigan and Tonya Harding had their own drama going on, which garnered more than 126 million views in a very short figure skate session.
Just like every year, this ear during the 2022 Winter Olympics Beijing, figure skating will have individuals performing their acrobatic moves gracefully, and millions of viewers will tune it to enjoy, judge, and place outright bets.
Alpine Skiing
Alpine (downhill) skiing is another sport featured in the Olympics, where 11 competitions take place. This compelling sport allows fans to witness participants fly down mountains while skiing, and the scenic beauty that surrounds these mountains is a must-see sight on television. Even though Beijing is not famous for being a mountain city but China has amazing mountain ranges with immense natural beauty.
This is one of the most-watched events, and fans love wagering on it. There are many exciting betting markets for this event.
Ice Hockey
Ice Hockey is the most-loved Olympic sport in Canada. Just like how Americans love figure skating, this one is for the fans up north. In 2010, the gold medal ice hockey game between US and Canada made 80% of Canadians tune in to watch the game. Canada won that game and is once again a favorite to win the gold medal again in Beijing.
Olympic ice hockey follows the same rules as the NHL, with a few changes here and there. The betting coverage is pretty much similar too. You will find tons of betting markets and options for the ice hockey sporting event.
Freestyle Skiing
This is a relatively new sport in the Olympics, where there are freestyle skiing events being held. The younger generation of sports fans enjoy this sport, and it’s a must-see event during the Olympics. There are ski-cross, slopestyle, aerials, and other heart-pounding but fun stuff happening.
Speed Skating
This is another highly entertaining sport that involves speed skaters gliding across the ice and fighting hard to reach the finish line.
Short Track Speed Skating
This is a chaotic and thrilling sport filled with pure excitement. It’s considered dangerous, but it’s fun to watch, and it’s just about anyone’s guess about which team would win the team races.
Curling
This is a calm but exciting sport. It is played on ice, and players slide the circling stone while their teammates use brooms to sweep the lane and allow the stone to end up in the intended target.
Snowboarding
Basically surfing but on snow. Athletes in this sporting competition are rated on the style, accuracy, and difficulty level of their runs. It’s a relatively new sport, and Shaun White is one of the most famous Olympic snowboarders in history. Chloe Kim is another star snowboarder, and she will be playing in the Beijing Olympics.
Olympics Bets You Can Place
There are many unique betting opportunities present during the Olympics, but here are a few common ones.
Moneyline Olympics Bets
This is the most straightforward bet you can place on any Olympic game. You can place a wager on which team or athlete you think would win. The negative number shows the amount you need to bet on to win $100. For example, if it’s -300, you need to bet $300 to be able to win $100. This means that odds are ⅓.
Usually, underdogs or the athletes/teams who are less likely to win a sporting event will have a plus sign next to their odds. For example, +300 Moneyline odds will mean you will win $300 if you bet $100. This will be your winning wager.
Totals Olympic Bets (Over/Under)
You can bet on the number of gold medals a particular country participating in the Olympics would win. The online betting site or sportsbook will have a set threshold where you can choose the number greater or less than that estimate. This wager can be placed on any aspect of the competition, including an individual athlete’s medals and performance or a team’s medals.
Olympics Parlays
Parlays allow you to place multiple bets. You can combine these bets and increase your winning chances. However, you have to make sure you win all your bets so you can win your parlay bet.
Olympics Futures Bets
Futures bets are there in almost all sporting events. Sports bettors can place bets before a match or tournament even starts. These bets are risky, and only those who have properly researched a team or athlete are in a position to make a futures bet.
Live Betting During the Olympics
Live betting has become increasingly popular, and it has certainly found its way at the Olympics. Many Olympic games are thrilling, fast-paced, and exciting, which makes them perfect for live betting. Live betting means placing wagers while a game is underway.
Live betting is great for those who can quickly analyze the gameplay and how a game is turning out to be. Timing is crucial during live betting.
Tips for Betting on the Olympics
With proper research and our tips for betting on the Olympics, you can place some value bets.
Follow Line Movement
Even before the Olympics begin, the bets are available for everyone to check out. By following line movements, you care to make sure you’re aware that the betting lines are going up or down. This might seem weird at first, but it’s all for a good reason.
Sometimes betting lines go up and down because bettors can start to bet heavily on one outcome of a bet. Sportsbooks keep adjusting their lines depending on how the bettors are behaving.
Another reason is because of news and external factors. Injuries and other things that can impact athletes, teams, or the game situation can affect the Olympic line movement.
Go Line Shopping
As you continue to follow line movement, you should know how lines can vary across different online sports betting sites offering Olympics bets. There can be completely two different payouts for two same risk bets on two online betting sites.
If you want the highest return with the least risk on your bet, you have to go line shopping and check out various online betting sites. Have a betting account on at least two betting sites you can place the right wager at the right time after looking at the betting lines available.
Be Careful About Your Home Country
When betting on any sport, you have to be careful and play smart. This means you can bet with your heart. Only the head is useful here because even when things get difficult, and your home country is struggling to come out on top, you have to keep in mind to place a bet that you can win.
It can be easy to place a huge bet that exaggerates your country’s chance to win or a star from your home country to win big on the big stage. But remember, you have to be objective. We recommend not placing any bet that will require your emotions to get involved. If possible, avoid betting on your home country if you can not be unbiased while betting.
Research Past Performances
Researching past performance is important in any sport when you’re about to wager on it. Check out the previous editions of the Olympic Games that have played out so you can understand how the events work. It will help you understand the games better, and you can spot similar patterns or trends that might have continued from one Olympics edition to another.
Bankroll Management
Bankroll management is an essential part of placing bets. When you’re wagering on a big event like the Olympics, you can make decisions that will impact your overall betting strategy. Your decisions need to be regulated, so you don’t risk losing big, even if you don’t win.
Measure how much risk you can take and how much you can earn through your payouts. Adjust your betting strategies, so your financial management plan is still intact.
Check Out the Athletes
You can check which athletes have competed in the previous Olympics and who are still competing. If an athlete who has won a lot of Gold Medals for their country has retired, this can impact their country’s performance, especially during team events.
International Competitions
When it comes to international competitions, you can check how a star athlete has performed in major events in the past. Could there be something stopping them from achieving similar success, or will they continue their amazing form?
Bet on the Sports You Know
Stick to the sports you have proper knowledge about. If you know the rules, tactics, and the players of a particular sport, you can place wise and smart bets. Don’t just bet randomly, especially on sports you don’t know much about.
As we see the increasing popularity of online sports betting and the interest in Olympics betting, we can access online betting platforms that will offer a variety of online Olympics bets. People from countries with legal sports betting can find access to the best legal sports betting sites online and start betting instantly.
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