Anticipated Olympic Betting Volume Following PASPA: Unpacking the Jargon
Ready to dive into the nail-biting action of the Tokyo Olympics? Here's an inside scoop from Sam Panayotovich, sports betting analyst for FOX Sports:
"Tokyo's Olympics are going to break records, my friend!"
For the very first time, individuals across the United States will be able to place wagers on the Games, all thanks to the 2018 repeal of the Professional and Amateur Sports Protection Act (PASPA) by the U.S. Supreme Court.
But let's not get too excited just yet - the Tokyo Olympics aren't the Super Bowl when it comes to sports betting.
"Historically, Olympic betting was more of a spectator event than a wagering event," said Jay Kornegay, executive vice president of the Westgate SuperBook. "The average American bettor isn't overly familiar with the athletes, so team sports will garner some attention, but it won't come close to our regular games - like basketball, hockey, or soccer."
Even Nevada had its hands tied during the 2004 and 2008 Olympics. The state gaming commission prohibited wagers on the Games in response to legislation championed by the late Arizona Sen. John McCain.
"I think it was a compromise between eliminating betting on college sports," explained Kornegay. "One concession we made was to take off Olympic bets."
'Uneducated Bets' Galore
Olympic wagering was reinstated in Nevada for the 2016 Rio Summer Games, with the action mostly based on patriotic allegiance. Now that legal sports betting is live in 20 states and Washington, D.C., Kornegay expects Olympic wagering to pick up a bit "but it's not going to make a giant leap."
While Panayotovich is more optimistic, he advises eager bettors to pump the brakes: "We see books offer medal counts, and the more options, the more people are willing to bet. The problem is, people don't do their homework. You have to know your U.S. Canoe Slalom Team before you wager on them!"
Odd Hours Aren't Helping Either
Another hurdle standing in the way is the 13-hour time difference between New York and Tokyo, making it pretty challenging for U.S. bettors to catch all the action.
"The fact it's in Tokyo flips the day completely for American bettors," said Robert Kowalski, sportsbook operator at Baldini's in northern Nevada. "It's clear it's going to affect the handle."
Bill Knauf, vice president of operations at Monmouth Park in New Jersey, agrees: "I don't think it's the kind of wagering you wait until the last minute to place."
Swimming and track and field are expected to draw the most interest from bettors, due to the sheer volume of events offered within each sport. And of course, as Knauf put it, "USA Men's Basketball will naturally be gigantic."
But coming off two consecutive exhibition losses to Nigeria and Australia, Team USA isn't the lock they usually are on Olympic hardwood.
"We've opened Nigeria at +15000 [to win gold]," said Korn. "Now, they're +4000."
Don't Get Caught in the Slip However You Wager
Whether you're into prop bets, team sports, or individual events - take a moment to bone up on your Olympic trivia before you bet. You wouldn't want to fall down a slippery slope with an uninformed wager, would you?
No matter what, it's gonna be a thrilling ride! So grab your lucky charms, sharpen your betting strategies, and let the games begin!
- Sam Panayotovich, a sports betting analyst for FOX Sports, predicts that the Tokyo Olympics will break records for sports betting in the United States, thanks to the 2018 repeal of the Professional and Amateur Sports Protection Act (PASPA).
- However, the Tokyo Olympics aren't expected to generate as much wagering as popular team sports like basketball, hockey, or soccer, according to Jay Kornegay, executive vice president of the Westgate SuperBook.
- Olympic wagering was reinstated in Nevada for the 2016 Rio Summer Games, with the action mostly based on patriotic allegiance. Now that legal sports betting is live in 20 states and Washington, D.C., Kornegay expects Olympic wagering to increase but not make a significant leap.
- Whether you're into prop bets, team sports, or individual events, it's crucial to do your research before betting on the Tokyo Olympics to avoid making an uninformed wager.
