How to Bet on the 2024 Olympic Games

The 2024 Olympic Games in Paris present a unique opportunity for sports bettors to engage with a wide range of events and competitions. At Galera Bet, we are here to help you navigate the exciting world of Olympic betting. This guide will cover common types of bets, strategies to consider, and tips to maximise your chances of success.

Common Olympic Games Bets

Regardless of which sport you are betting on, the following types of bets are important to understand.

Moneyline Bets

Moneyline bets are the simplest form of betting, where you wager on which athlete or team will win a particular event. This type of bet is popular because of its straightforward nature. For example, you might bet on Simone Biles to win the gymnastics all-around competition or Eliud Kipchoge to win the men’s marathon.

Prop Bets

Proposition bets, or prop bets, allow you to bet on specific outcomes within an event that aren’t necessarily tied to the final result. These can include bets on the number of medals a country will win, whether a world record will be broken, or if a specific athlete will win a certain number of gold medals. Prop bets are popular because they add an extra layer of excitement and variety to betting.

Over/Under Bets

Over/under bets, also known as totals, involve wagering on whether a particular statistic will be over or under a set number. For example, you might bet on the total number of goals scored in a football match or the total number of points scored in a basketball game. These bets are useful when you have a good sense of the overall scoring trends but are unsure about the winner.

Futures Bets

Futures bets are placed on events that will happen in the future, often well before the event takes place. For the Olympics, this might include betting on which country will win the most gold medals or which athlete will be the top medal earner in their sport. Futures bets can offer substantial payouts due to the higher risk involved in predicting outcomes far in advance.

Betting Strategies

While no betting strategy guarantees success, they can help improve your chances of success.

Research and Analysis

The most successful bettors are those who do their homework. This means researching athletes, teams, and their performance histories. Pay attention to recent form, injury reports, and any other relevant news. For instance, if an athlete has been performing exceptionally well in the lead-up to the Games or has recently set a new personal best, they might be a strong candidate for a bet.

Specialise in Specific Sports

Given the wide variety of sports at the Olympics, it’s often beneficial to specialise in a few sports that you are most knowledgeable about. Whether it’s track and field, swimming, gymnastics, or team sports such as basketball and football, focusing on specific areas can give you an edge. This allows you to develop a deeper understanding of the athletes and competition dynamics, leading to more informed betting decisions.

Consider Historical Performance

Historical performance data can provide valuable insights. Some countries and athletes have a strong track record in specific sports. For example, the United States typically performs well in swimming and gymnastics, while Kenya is dominant in long-distance running events. Using historical data can help you identify trends and make more accurate predictions.

Use Multiple Betting Markets

Diversifying your bets across different markets can help spread your risk and increase your chances of winning. Instead of placing all your money on a single bet, consider placing smaller bets on multiple events or outcomes. This strategy allows you to leverage your knowledge across various competitions and reduces the impact of any single loss.

Tips for Successful Olympic Betting

Stay Updated

The Olympic Games are dynamic, with news and developments happening rapidly. Stay updated with the latest information on athlete conditions, weather forecasts, and any changes to event schedules. Following reliable sports news sources and social media accounts of key athletes can provide real-time insights that might influence your betting decisions.

Be Wary of Emotion

Betting on sports you are passionate about can sometimes lead to biased decisions. While it’s natural to root for your favourite athletes or teams, ensure your bets are based on objective analysis rather than personal preferences. Betting with your head rather than your heart increases your chances of making rational, well-informed decisions.

Look for Value Bets

Value betting involves identifying bets where the odds offered by the bookmaker are higher than the actual probability of the event occurring. This requires a good understanding of the sport and the ability to assess probabilities accurately. By consistently finding and betting on value odds, you can increase your overall profitability.

Example Bets for the 2024 Olympic Games

If you are not sure where to begin with your Olympic betting, consider some of the following examples.

  • Men’s 100m Final - The men’s 100m final is one of the most anticipated events. With top sprinters competing, consider a moneyline bet on the favourite based on recent performance data. Additionally, look for prop bets on whether a world record will be broken.
  • Women’s Marathon - For the women’s marathon, you might place a futures bet on the winner based on recent marathon results and historical performance. An over/under bet on the winning time can also be interesting, given the challenging nature of the course.
  • 100m Freestyle - In the men’s and women’s 100m freestyle, moneyline bets on established swimmers like Caeleb Dressel or Emma McKeon are popular. Prop bets on the margin of victory or whether specific records will be broken can add extra excitement.
  • All-Around Competition - In the gymnastics all-around competition, consider moneyline bets on favourites like Simone Biles. Futures bets on the overall medal count for countries like the USA, Russia, or China can also be engaging.

Go for Gold at Galera Bet

The 2024 Olympic Games in Paris offer a wealth of betting opportunities across a diverse range of sports and events. By understanding common bet types, employing effective betting strategies, and staying informed, you can enhance your betting experience and increase your chances of success. At Galera Bet, we are here to provide you with the best odds and insights to make your Olympic betting experience as rewarding as possible.