Nevada is getting back in the pool when it comes to taking bets on the Olympics.
Last year, Nevada regulators said they would allow betting on the Olympics. As a result, some Nevada sportsbooks are taking wagers on the Summer Olympics that start this week in Rio de Janeiro.
There is more scrutiny on integrity issues than ever before on 2016 Rio Summer Olympics betting, with the International Olympic Committee signing a deal with Genius Sports to monitor sports betting patterns.
Nevada opens the door
Betting on the Olympics stopped in Nevada way back in 2001, according to ESPN, when there was a push to stop all wagering on amateur events.
But early in 2015, gaming regulators in Nevada decided that that was an outdated rule, and lifted the restriction on books taking wagers.
Some books, such as William Hill US, were supportive right away. More from ESPN when the regulation change was made:
“With more than two out of every three Americans having watched the London Olympics in 2012, the games in Rio have the potential to make a sizable impact in August of 2016, like we saw last June with the World Cup,” William Hill CEO Joe Asher said in a statement. “We look forward to continually expanding our Olympic menu in the next 18 months leading up to the games.”
In addition to placing bets in the books, a number of properties offer Nevada sports betting via a mobile device.
How much Nevada Olympic betting will there be?
While estimates put worldwide betting handle at $1 billion being wagered, both legally and illegally, Nevada will only be a fraction of that.
Estimates given to the Chicago Tribune put wagering at an estimated $20 to $30 million over the course of the Olympics, which moves the needle slightly during the summer months, when baseball dominates.
What can you bet on?
The biggest events to wager on are likely to be men’s basketball and golf, two sports that already are a favorite with bettors and feature a number of well-known stars.
Soccer and tennis are also likely favorites for those looking for Olympic action.
There will be less action and fewer odds given on the multitude of Olympic sports that are not that well-known with bettors. But some sportsbooks are still likely to give out some odds on a selection of the niche sports.
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