As the Summer Olympics in Paris approach, sportsbooks and daily fantasy operators are gearing up for what could be a significant increase in betting activity. This year’s games will be the first to take place since legal gambling has become widespread in the U.S. With sports like basketball, soccer, and tennis expected to draw a lot of attention, the gaming industry is eagerly anticipating a surge in wagering compared to the previous Summer Games in Tokyo.
For many years, the Olympics and gambling have existed separately, but now they are on the verge of coming together in a major way. This convergence presents a unique opportunity for sportsbooks, especially during the offseasons of high-volume betting leagues such as the NFL and NBA. However, it remains to be seen whether this event will have a significant impact on the overall gambling market.
While smaller players in the industry may see a noticeable boost in activity, giants like FanDuel and DraftKings, which hold the lion’s share of the U.S. online gambling market, might not experience as dramatic of an effect. Analysts suggest that the impact on these major operators could be relatively minor, with the success largely dependent on viewership and engagement levels.
The landscape of sports betting in the U.S. has evolved considerably in recent years, with more than 30 states now allowing some form of sports wagering. The availability of mobile and online betting options has also contributed to the market’s growth. The Tokyo Olympics occurred shortly after a pivotal Supreme Court ruling that opened the door to legal betting across the country, leading to a substantial increase in the number of American adults able to place bets.
Despite the anticipated rise in Olympics-related gambling, there are challenges that could limit the extent of this surge. Some state regulations may restrict betting on certain events, and viewership of the Olympics in the U.S. has faced obstacles in recent years, such as time zone differences and the absence of fans due to the pandemic. However, the introduction of streaming options like NBCUniversal’s Peacock could improve access and potentially drive more interest from bettors.
The slow summer months present an opportunity for sportsbooks and daily fantasy operators to capitalize on the excitement of the Olympics. With many major sports leagues in their offseason, the Olympics in Paris could attract significant attention from fans and bettors alike. Operators like PrizePicks are expanding their offerings for the Paris 2024 Olympics based on user preferences and feedback from previous events.
Popular sports like basketball, tennis, and soccer are expected to drive betting activity during the Summer Olympics. Increased emphasis on women’s sports and the patriotic fervor associated with the games could further boost engagement. Sportsbooks like BetRivers anticipate a strong showing for basketball bets, with patriotism playing a significant role in bettors’ choices to back their countries’ athletes.
The Summer Olympics present a unique opportunity for sportsbooks and daily fantasy operators to attract new users and drive betting interest during a typically slow period in the sports calendar. While challenges exist, such as viewership issues and regulatory constraints, the allure of the Olympics and the diverse range of sports on offer could lead to a significant uptick in gambling activity. As the games unfold in Paris, the industry will closely monitor the impact and seek to capitalize on the betting potential of this global sporting event.