Summer Olympic fever! Betting activity expected to surge

Jade Denosta July 15, 2024

SiGMA news

Summer Olympic fever! Betting activity expected to surge

With the Summer Olympic Games set to start on 26 July, sportsbooks and daily fantasy operators are preparing for a surge in betting activity. The off-seasons of major betting leagues like the NFL and NBA could further contribute to the heightened interest in the Olympic events.

These Olympics are the first major games to take place since the widespread legalisation of gambling in the U.S. and are expected to attract increased wagering, especially in sports such as basketball, soccer, and tennis.

Expectations and preparations

The forthcoming Summer Olympics in Paris are commanding the spotlight of the gambling industry, bolstered by the sweeping legalisation of betting across the U.S. Powerhouse sportsbooks and betting enterprises, including industry giants such as FanDuel and DraftKings, are bracing themselves for a projected wave of wagering activity during what is usually a lull period for sports gambling in the U.S. This event is set to invigorate the betting landscape, promising an exciting season ahead.

Although the anticipated growth in Olympics gambling underscores the rapid expansion of the market in recent years, it remains to be seen whether the Olympics will trigger a surge in betting similar to that seen in other U.S. sports.

The patriotism associated with the Olympics is expected to drive betting interest, as bettors often show support for their country’s athletes across various events. However, certain state regulations may restrict betting on specific events and may be limited to medal competitions in some cases only.

Additionally, challenges such as time zone differences and declining viewership of the Olympics in the U.S. could influence the extent of betting interest. However, the Olympics allow betting operators to enhance engagement and betting activity during the typically slow summer months, with the highly anticipated competition coinciding with the off-seasons of major U.S. sports leagues.

Industry analysts are evaluating the potential effect of the Olympics on gambling operators. They anticipate that major players like FanDuel and DraftKings, who have a significant share of the U.S. online gambling market, may experience a moderate impact. However, it is expected that smaller operators in the industry could see a more pronounced effect.