Betting Blindspots: Paris Olympics Too Risky for Sharp Bettors

With record-breaking TV viewership and a firehose of popular content on social media, the 2024 Olympics seem to have captured the attention of the entire sporting world. But a study conducted by Cloudbet, a leader in crypto sports betting, finds that despite stars like Simone Biles and Katie Ledecky drawing millions of viewers worldwide, some of the most popular Olympic sports see almost no betting action at all.

In an increasingly odds-driven world, where people bet on everything from table tennis to slap fighting, it may seem counterintuitive that blockbuster stories that generate huge interest during the Olympics fail to generate significant betting turnover compared to their more mainstream counterparts in basketball and soccer, or professionals in ATP and WTA tennis. One theory: The unpredictability and intricate scoring systems of judged sports make them less attractive to bettors who favor the more straightforward, win-lose dynamics of the sports folks watch more than once every four years.

After analyzing the data from the start of the Olympics on July 26, 2024, Cloudbet found that the usual suspects dominated Olympics betting on the platform. According to the site, over a quarter of all bets placed on the Olympics were on tennis matches, followed closely by soccer matches and basketball games. Close behind were volleyball, handball, and table tennis. Bets placed on gymnastics, swimming, track and field, as well as other niche Olympic sports accounted for just 3.8% of total bets placed during the period - collectively, these sports aren't even close to the volume seen on Olympic tennis events.

A Cloudbet spokesperson says, “Tennis snuck into the top spot as the most bet on Olympic event thus far, maybe because it possessed both an emotional narrative that resonated with audiences - think ‘Nadalcaraz’ or Qinwen Zheng’s upset over world #1 Iga Swiatek - and a set of rules that are relatively well understood. Simone Biles might have captured the hearts of Olympic watchers, but who knows how to judge the difficulty of a double pike?”

The data provided by Cloudbet further emphasizes the disparity in betting preferences among Olympic sports. While team sports such as volleyball and handball see considerable betting volumes, they still remain in the shadows of the major sports leagues. Lesser-followed sports such as badminton, rugby, and water polo, despite their competitive nature and international followings, lag significantly in betting interest, highlighting the bettors' tendency to gravitate towards what is familiar and perceived as less volatile.

In contrast, basketball and soccer benefit from a confluence of factors that make them betting magnets: predictable outcomes due to dominant teams, extensive global following, and continuous media hype. These elements ensure a wider audience and provide a perceived lower-risk betting environment.

The Cloudbet spokesperson added, "Bettors feel safer putting their money on sports like basketball and soccer - team sports that they've watched all year long and know the rules because they're simple and ingrained in our culture. It's really interesting because what the media tends to cover in the Olympics is entertaining, or emotionally compelling, but that doesn’t translate to bettors looking for an edge."

Cloudbet is the proud pioneer of cryptocurrency betting. Founded in 2013, Cloudbet embraced blockchain technology to provide players with privacy and financial freedom like never before. Since then, the site has placed millions of bets, earning a reputation as the most trusted and secure brand in the crypto gaming space.

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