This week the International Olympic Committee stated that they are "vigilant against the threat of illegal betting and match-fixing at the games." Well, first, someone would have to bet on them.
This global sporting event, the largest stage for the world’s athletes, sees very little betting action. In fact we were told, during a recent poll of online bookmakers that face the United States, that handle on a typical football Sunday surpasses that of the entire two-week Olympic battle. One reason for the low handle may be in the events and participants themselves. The head man at 5Dimes, which offers props on several events, told us “No one knows who any of these people are.” He is probably right with contestants from South Korea, Sweden, Italy and host nation Canada as the favorites in many events.
The biggest question if you want to place a wager or two on the Games, is how to handicap these events. Does anyone in the U.S. know that Ho-Suk Lee or Jung-Su Lee (no relation) are that much better in Short Track Speed Skating than USOC poster-boy Apolo Anton Ohno? Well Ho-Suk Lee did beat Ohno in the 2006 Olympics in Turin. He is also the current World Short Track Speed Skating champion. But does that make him a sizeable 3/2 favorite over Ohno at 13/2?
U.S. players may be able to compare odds from some of the UK sportsbooks or betting exchanges to find value at their online betting outfit. Olympic betting is a bit larger in Europe, but still the handle is nothing like a soccer betting weekend. Many of the events listed can be compared with the UK books, who offer a vast array on almost every single event. For example, the odds are considerably shorter for Ho-Suk across the board at UK books than at U.S-facing outfits, while Ohno is a bit more expensive in the Caribbean and Central America.
There is head-to-head betting at many shops and several give you the favorite and 'the field' as wagering options. Frankly, playing the field is not a bad play. There are many competitors who have been waiting their whole life for a taste of Winter Olympic Gold. A fall during a downhill run, a nagging injury or even the weather could easily knock a favorite off of the podium.
An example of how wide open these events can be, Bodog currently has the Women’s Alpine Combined, as well as several other events, ‘circled’. One small injury, such as U.S. hopeful Lindsey Vonn's recent bruise revelation, can upset the whole odds board dramatically. To further the EU betting opportunities, U.S.-faccing sportsbooks have many events that they are not yet offering odds on, though most of the European outfits have everything available.
According to our informal sportsbook poll, hockey is one of the most bet Olympic sports at offshore outlets. It’s a team game and there is fierce competition. Though chants of USA, USA ring in my head, I would think that the home team, especially when you factor in that hockey is to Canada like baseball, err, football, is to the United States, has the advantage. Canada is just a giant 100-1 favorite in the first round against Norway and a even money favorite to win the Gold. The tournament formula for the hockey medals also lends itself to wagering as this is the only opportunity to wager on a team game-after-game, similar to March Madness.
In all, unless you follow these sports regularly, just stay away. The U.S. athletes are not favored in most sports and online sportsbooks that take bets from U.S. players are certainly going to inflate lines on U.S. athletes. Bottom line: If you can’t pronounce the contestants name, you probably should not bet on him or her.
