The Olympic Games feature both global stars and complete unknowns.
For the first time, Las Vegas sports bettors are able to gamble on the Olympics. Last year, the Nevada Gaming Control Board approved wagering on events sponsored by the International Olympic Committee.
Nevada gaming officials had been concerned about betting on the Olympic events for 15 years. In 2001, Nevada passed the Amateur Sports Integrity Act, which was pushed by Sen. John McCain and other legislators. Over the years, Nevada officials allowed college football and basketball betting, but they kept the Olympic ban to please Sen. McCain and his supporters.
Uncertain of Betting Interest
The bookmakers say they are not sure what kind of action they’ll see from Olympic gamblers. Nick Bogdanovich, Sports Book Director of William Hill USA, said, “By the time it’s all said and done, it will be interesting to see how much business we do with this. I have a feeling it will be quite a bit. I’m excited about it.”
John Avello of Wynn Las Vegas
John Avello, the Sports Book Director of Wynn Las Vegas, said he expects to see excited gamblers. Avello said the main thing is the ability to offer the full slate of wagers. He said, “We are getting a shot to do different things. You want to have the Olympics up. You want to have a full menu. It’s good for us to have everything up.”
“The basketball will be entertaining, and people can relate to that. There are some spots that I think will draw interest. Pick your spots what you want to watch and bet.”
Nick Bogdanovich of William Hill
Bogdanovich said every event will not be a hit. He said, “Let’s face it, a lot of the events are garbage. But I’m surprised with the amount we’ve written so far. Once it’s on TV and people get into the flow of the Olympics, I think it’s going to be good.”
Not only do U.S. Summer Olympics athletes train in the United States, but many foreign athletes train here. In fact, many international track & field contestants attend college in the USA, on track scholarships.
Because these athletes are considered amateurs, Nevada gaming officials saw them as potential targets for match fixers. Theoretically, high rollers could pay off athletes to throw events, then collect a windfall in winnings. The Nevada Gaming Control Board decided 2+ weeks of bets were not worth the risk.
Changing Face of the Olympics
The 2015 decision to legalize Olympics betting recognized new realities. For one, Summer Olympic stars long since ago stopped being amateurs. Many might not take money to compete in events, but they can take the endorsement dollars which come with Olympic success. Losing in the Olympics thus costs the athlete more money than any match-fixer could give them.
The realities of sports betting have changed, too. Bookmakers in the United Kingdom and other regulated gaming jurisdictions allow sports betting on the Olympics — and have for a long time. No major scandals have happened, despite that fact.
Changing Nature of Global Sports Betting
More importantly, online and mobile sports betting is at an all-time high. With smartphones and computers providing easy access to offshore operators, the idea that Americans are not gambling on the Olympics is naive. Also, match fixers can reach around the globe to fix an event.
Few arguments could be mounted to convince Nevada gaming officials to ban Olympic gambling. With no reason to hold out, the Las Vegas sportsbooks convinced the regulators to let them get their piece of the action, even if Olympic gambling is small potatoes compared to the upcoming NFL season.
