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Olympics Generate High Betting Action; Gold-Medal-Count Market Controversy Ensues

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Sportsbooks took differing approaches to how to settle bets made on USA and China to win the most gold medals at the 2024 Paris Olympics.

While many differed to their house rules, one book paid out backers of both countries in full.The Paris event drew 76% higher television ratings compared to the Tokyo Games held in 2021. With 38 U.S. states now offering legal sports betting, compared to less than 20 during the previous Olympics, heavier action was expected during this year’s more than 300 medal events. Caesars told Covers on Monday that the 2024 Olympics generated the most wagers behind only MLB over the last two weeks.

DraftKings and bet365 told Covers that the total gold medal market was settled with dead heat rules, so the payouts on USA-China were halved.BetMGM reportedly implemented a silver-count tiebreaker in the online sportsbook’s gold medal market, which gave the U.S. the edge over China in payouts. The U.S. men’s squad, which needed a 13-point, fourth-quarter rally to beat Serbia in the semifinal round, pulled away from France late on the hot shooting of Steph Curry to win 98-87. The French team, led by Victor Wembanyama, covered the +16.5.

DraftKings told Covers that 91% of the money and 88% of the wagers were on the USA to win gold at -700.

 

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