Sportsbooks and daily fantasy operators are reportedly expecting increased betting activity for the Paris Summer Olympics, as noted by CNBC.… Continue reading Increased US betting expected at Paris Summer Olympics
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Sportsbooks and daily fantasy operators are reportedly expecting increased betting activity for the Paris Summer Olympics, as noted by CNBC. This event marks the first Olympics since the U.S. expanded gambling legalization. It’s also only the second Summer Olympics following the Supreme Court’s 2018 decision to allow nationwide legalized betting.
However, the previous Tokyo games were delayed to 2021 due to the COVID-19 pandemic, affecting gambling activities at the time. This year, operators expect a major surge in betting with the games’ return to their scheduled timeline.
“The Olympics and gambling, for decades, have looked at each other from afar. This year we’ll see them meld together,” Max Bichsel, North America Gambling.com Group executive vice president, told CNBC.
“If you want to look at this from an annual perspective for a company like DraftKings or FanDuel, it’s still going to have a relatively minor impact,” said Citizens JMP senior equity analyst Jordan Bender. “Obviously positive, but it’s not going to be as big as we might think and a lot of it is going to be largely dependent on viewership.”
Since the Tokyo 2021 Olympics, over a dozen U.S. states, including New York, Ohio, Massachusetts, North Carolina, and Florida to a limited extent, have legalized sports betting. Most Olympic events are legally bettable, with states varying in the specific events they include in their gaming catalogues. Popular Olympic sports like basketball and swimming are generally available for betting, as they are regularly bet on even outside of the Olympics.
However, not all Olympic events are available in every state. For example, Massachusetts prohibits betting on events judged subjectively, such as gymnastics, BMX, wrestling, break dancing, judo, diving, surfing, and equestrian events. The Massachusetts Gaming Commission discussed this restriction in 2023 but did not amend it.
DraftKings has posted odds showing Team USA as the heavy -2500 favorite to secure the most medals at the Paris Olympics, with China trailing at +1000. The competition for the highest number of gold medals is closer, with Team USA at -750 and China at +350.
The opening ceremony is scheduled for July 26, concluding on August 11. Paris is six hours ahead of Eastern Time, and in the U.S., most events will be live-streamed on Peacock, wrapping up by 5 pm Eastern daily.
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