Bookmakers Prepare for Olympic Betting
Bookmakers in the UK are scrambling to update odds, open betting markets and finish off all other preparations for the Olympic Games.
With more betting expected at this Olympics than ever before bookmakers are rushing to open markets on every event.
It has been predicted that up to £50 million will be bet by Olympic fans in the United Kingdom. Generally the Olympics are not known for much betting action, however, it is thought that this will change for a number of reasons. To begin with the Games’ location, with the Olympics taking place in London it is expected that people will express their patriotism through betting on Team GB. Furthermore, with such huge media coverage, bookmakers are taking advantage of the Olympic fever and opening markets at an amazing rate.
It has been reported that this is the first Olympics where markets have been opened on all 36 sports. Thanks to the boom in mobile betting and the free Wi-Fi access within the Olympic park the betting opportunities are unprecedented.
Now bookies are faced with calculating odds on extremely complex events such as the pentathlon. One analyst, Charlie Lindord, has spent the last year and a half analysing data in order to construct a mathematical model which can output gambling odds for the event. Some say that for once the bettors may have the upper hand on the bookies. For instance there are no kayaking or fencing traders so a knowledgeable fan could really clean up if presented with the right opportunity.
Anyone looking to take advantage of beneficial odds should try and gets their bets in as early as possible. Bookmakers will adjust their odds once they see what competitors are offering and the flow of bettor money.
However, it is expected that most bets will be placed on more standard events such as the men’s 100-metre sprint or on aspects of the Games such as overall medal count.
