Monday, Aug. 1, 2016 | 2 a.m.
The 2016 Summer Olympics in Rio de Janeiro is fast approaching, and for many fans and bettors, it can’t come a moment too soon. One of the most watched and longest-running sporting events in the world, the Olympics are especially exciting for Las Vegas this year, as it’s the first time in 15 years that betting on the games hasn’t been outlawed.
Betting on the Olympics was banned in 2001 when Nevada Gaming Control made it illegal to bet on any amateur sport, and it wasn’t until 2015 that an amendment passed excluding the Olympics from that ban. Finally, sports books and bettors across the state can get in on the Olympic action come Aug. 5.
Here is what you should expect when betting the Games.
Ways to bet the Olympics
Moneyline: These wagers refer to straight-up bets for the winner of any given competition, but not necessarily only medal competitions.
Moneyline wagers can be placed on team events as well as single-player, head-to-head match-ups.
To win the gold medal: Similar to the moneyline but pared further, you can bet on who will win gold medals. These bets tend to be especially solid wagers to place on team sports because bettors don’t have to bet per event, simply by overall outcome.
Note: Some sports books will offer the option to bet on a team winning any medal in a given competition, without specifying gold, silver or bronze. These bets are easier to win but don’t pay as much.
Prop bets: Prop bets can cover a wide variety of wagers and will likely be popular for the Olympics in Nevada sports books.
One of the most common prop bets is a medal-count bet. This is a wager on a country for how many medals it will win overall. These are usually wagered as over/under bets, meaning the bettor will wager on a country winning more or fewer medals than the sports book’s prediction.
USA total medals
Over 41.5 medals (-110)
If you bet American athletes will collect more than 41.5 medals, for every $1.10 you bet, you’ll win $1, plus the money you spent on the bet
Under 41.5 medals (-120)
If you bet they will collect fewer than 41.5 medals, for every $1.20 you bet, you’ll win $1, plus the money you spent on the bet
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Will the USA win the 2016 men’s basketball gold medal?
Yes -900
If you bet Team USA wins, for every $9 you bet, you’ll win $1, plus the money you spent on the bet
No +600
If you bet they lose, for every $1 you bet, you’ll win $6, plus the money you spent on the bet
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Will Usain Bolt win the 2016 100-meter dash gold medal?
Yes -190
If you bet he wins, for every $1.90 you bet, you’ll win $1, plus the money you spent on the bet
No +170
If you bet he loses, for every $1 you bet, you’ll win $1.70, plus the money you spent on the bet
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Will Brazil win the 2016 men’s soccer gold medal?
Yes +180
If you bet they win, for every $1 you bet, you’ll win $1.80, plus the money you spent on the bet
No -220
If you bet they lose, for every $2.20 you bet, you’ll win $1, plus the money you spent on the bet
Note: Lines are subject to change
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Sports added to the mix
This year’s Olympics will feature golf and rugby sevens for the first time in a century. The last time golf was played during the Olympics was in 1904 in St. Louis after appearing for the first time in 1900 in Paris. Rugby had a slightly longer stint as an Olympic sport, being played as a 15-player game from 1900-1924. This year, rugby will be played as a seven-player team sport.
Look out for both of these events at the sports book — especially men’s golf, which already is generating lots of excitement.
Which bets are the most popular?
With so many events, some will be more popular at the sports books than others. Handball, for instance, may not have any betting lines attached to it. Some of the biggest competitions for betting will likely be men’s basketball, men’s track and field, men’s swimming and both men’s and women’s soccer.
