Nevada is reentering the arena of accepting Olympic bets.
Nevada regulators gave permission for betting on the Olympics last year. Consequently, several Nevada sportsbooks have started accepting bets on the Summer Olympics commencing this week in Rio de Janeiro.
The International Olympic Committee has signed a deal with Genius Sports to monitor sports betting patterns on the 2016 Rio Summer Olympics, marking an unprecedented level of scrutiny on integrity issues.
Nevada opens the door
According to ESPN, Nevada ceased all betting on the Olympics in 2001 due to a drive to end all gambling on amateur events.
However, in early 2015, Nevada gaming regulators deemed the rule outdated and removed the restriction on books accepting bets.
Certain books, like William Hill US, were immediately supportive. ESPN provided more information when the regulation change occurred:
“As over two-thirds of Americans watched the 2012 London Olympics, the 2016 Rio games in August hold the potential for a significant impact, similar to what we observed with the World Cup last June,” said Joe Asher, CEO of William Hill, in a statement. “We are excited about the continuous expansion of our Olympic offerings in the 18 months leading up to the games.”
Besides making bets in the books, several properties also provide sports betting in Nevada through a mobile device.
How much Nevada Olympic betting will there be?
While worldwide betting handle estimates suggest that $1 billion is being wagered both legally and illegally, the amount wagered in Nevada will only be a small portion of that total.
The Chicago Tribune received estimates suggesting that around $20 to $30 million was wagered over the duration of the Olympics. This slightly influences the betting scene during the summer months, which is typically dominated by baseball.
What can you bet on?
Men’s basketball and golf, two sports already favored by bettors and featuring numerous well-known stars, are likely to be the biggest events to place bets on.
Those seeking Olympic action are likely to favor soccer and tennis as well.
The multitude of lesser-known Olympic sports will see reduced action and odds offered. However, some sportsbooks may still provide odds for a selection of these niche sports.
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