The beauty of the Olympic Games is that there is a huge host of events to gamble on, with non-stop action over the course of a couple of weeks. Diversity is key here with everything from rugby sevens to football, tennis, archery and the track and field events, the latter of which attract the most acclaim.
In this article we will discuss these diverse markets in more detail, focusing on the ones that are available on the BetFair betting exchange, which is the biggest betting exchange in the world. It is also available in many different countries, including Canada. So, if you have yet to sign up to this service, than grab yourself an account and read on for some tips on how to gamble on the Olympic Games.
With so many events to choose from, it’s tempting to try and bet on all of them, but there are a few tips that can help you to earn a profit or at the very least to limit your losses.
- Bet on what you know: If you know nothing about a particular event, then you are betting blind and you might as well be flipping a coin. If you want to make a decent profit then this is not wise. If you’re after some harmless fun then by all means bet on any and all of the events, but try not to bet too much and save your money for the events that you know more about. If you have some time before the event begins then you can also do some research and learn a little about it. You won’t become an expert over night but you might learn enough to help to push the odds in your favour.
- Pay attention to the differences: Another thing to bear in mind with the Olympics is that whilst there are many events, not all of them are played to the same standard as they are usually. As an example, the football event may include the big International teams, but they often select young players and fringe players. Teams like Mexico and Brazil usually play their best players, certainly more so than others, and this is why they typically perform the best.
- Bet early: The sooner you bet on an event, the more money you will make. If we take the 100 meters as an example, then during the final race, Usain Bolt will be a heavy odds-on favourite, and although he will also be a favourite prior to the qualifying rounds, his price will be much more tempting. In other events, ones that are a little more wide open, then you can land some very nice odds if you bet early enough. You will need to have an idea as to who will win, which goes back to what we said above: the more you know the better your chances will be of landing a big win.
- Choose wisely: Prior to the Olympic Games we like to get a schedule of all of the events, finding out what is on when. If you don’t do this then it is easy to get confused, as the events are endless and there are many on at the same time. However, if you know what’s coming then you will know which events to give priority to, and you will also know which markets will be offering you the best odds. For instance, if you have a choice between two sports and have a preference for one, but the favourite is a ridiculously short price, whilst the other event offers much better odds and a bigger chance of making money, then you should probably opt for the latter.
Safeguard your Bet
If you stick your money on a long shot and watch him go all of the way, only to fall at the final hurdle, then you’re going to be frustrated, to say the least. Few things are more annoying when it comes to gambling. That’s why you should always opt for the “Each Way” bet or for the “Place” market. The latter will be available on the BetFair exchange, whilst the former can be placed on the BetFair Sports Book. This ensures that you are covered if you back a team that makes it to the final and loses, or if you back a runner or another athlete that makes it to the final race or event and finishes second or third.
You won’t get as much money as you would from the win, but it’s better than nothing and it will serve to settle your frustration when you just miss out on the victory. This is only really worthwhile if you are betting on outsiders, anyone with odds of 10/1 or higher, as short prices are unlikely to return you much of a profit and in the event that your chosen bet is the favourite, you won’t really get anything at all. You will have to risk twice the amount, but your chances of getting a return are much greater so it is worth it in the end.
Pick a Niche
The beauty of BetFair and of the Olympic is that everyone is seeking bets on everything. If you find a niche sport that not a lot of people are paying attention to and there are not a lot of bets available on, then you can act as the bookmaker on BetFair and, if you know what you are doing, then you can clean up. It’s best that you know something about the event beforehand, otherwise you will be just as blind and clueless as many of the gambler’s seeking to take your money, but if you understand the BetFair system, how to Lay, how to Bet, how to offset and how to cash-out when things are going your way, then this can be a very profitable way to use the Olympics to your advantage.
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