Experts Don’t Expect Sportsbook Handle Uptick From Olympics

US sportsbook experts are not expecting a significant increase in betting activity during the upcoming Olympics in Paris. Despite the immense interest in the 2024 Summer Olympics, industry insiders predict that the betting handle at US sportsbooks will not see a major uptick during the games.

One of the main reasons cited for this is the fact that many of the sports featured in the Olympics are considered obscure by bettors, leading to a lack of understanding and interest in wagering on them. Additionally, the time zone differences and the scheduling of multiple popular events concurrently are also contributing factors.

According to Boston University Clinical Associate Professor Jay Zagorsky, people are unlikely to bet large sums of money on sports they are unfamiliar with, even if they find them entertaining to watch on television. Zagorsky analyzed over 40 years of Olympics betting data from the UK and Nevada, which informed his conclusion.

It is anticipated that basketball will attract the largest betting handles during the Olympics, with popular NBA stars like LeBron James and Steph Curry competing for glory. BetMGM and DraftKings have already reported receiving significantly more bets on Team USA basketball than any other event at the Games. Other sports such as soccer, tennis, and golf, featuring high-profile athletes, are also expected to garner some interest from bettors.

Despite the subdued expectations for increased betting activity, sportsbooks are still projecting higher engagement compared to the 2021 Tokyo Olympics. Caesars Sportsbook, for instance, estimates that its betting handle will be ten times higher than during the previous games. Some of the most popular sporting events among US bettors include March Madness, the beginning of the NFL season, and the Super Bowl.

The expansion of legalized sports betting to an additional 15 states, including major markets like Florida and New York, since the last Olympics is one reason for the anticipated increase in activity. The more manageable time zones for viewers in the US during the Paris Olympics also play a role in attracting more bettors.

Sportsbook operators are offering a wide range of betting markets for the events and running promotional campaigns to entice bettors during a typically quiet period when major leagues like the NBA, NHL, and NFL are not in season. Despite the challenges and uncertainties, there is still a level of optimism within the industry for a successful betting experience during the upcoming Olympics in Paris.

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