According to a survey released last Wednesday (31) by Front Office Sports, approximately 164 million adults in the United States should bet on the Paris Olympics.
This figure is impressive as this is equivalent to practically two-thirds of the US population.
Bets have almost doubled since the Tokyo Olympics
At the Tokyo Olympics in 2021 (remembering that there were no Olympic games in 2020 because of Covid-19) the number of bettors in the USA was 97 million.
At the time, this was equivalent to 40% of the population, which shows incredible growth.
But this increase can be largely credited by the American Supreme Court, with the repeal of PASPA (Professional and Amateur Sports Protection Act) in 2018.
In other words, because of the court’s decision, all states had the opportunity to regulate the local market to offer sports betting. So, this paved the way for the 2024 Olympics to become the highest betting volume sporting event in history.
“Tokyo wasn’t a great barometer. There was the time difference, and Covid-19 was still having an impact. We didn’t see as much volume. The betting environment this time is much better,” said Joe Maloney, a spokesman for American Gaming Association.
Therefore, with the pandemic more controlled and a more favorable time zone, a significant increase in betting volume is expected.
“The Olympics open up so many possibilities. Patriotism, non-traditional sports and star-studded teams, especially in basketball, lend themselves to an exciting few weeks,” said Kevin Hennessy, spokesperson for Fanatics Sportsbook.
Basketball should concentrate 80% of bets on the Olympics
According to Jay Kornegay, vice president of SuperBook at Westgate, up to 80% of Olympic bets are expected to come from 5×5 basketball, with men’s basketball leading the bets even before the start of the Paris Games, followed by women’s basketball. This reflects the public’s familiarity with the sport and its stars.
Therefore, the Paris 2024 Olympics promises to be a landmark event not only for sport, but also for the sports betting market.
