US sportsbook operators will see an increased wagering volume as more bettors than ever will be able to bet legally on the Paris 2024 Summer Olympic Games. Scheduled to take place between July 26 and August 11, the major event will become the center of the sports world, garnering the attention of sports fans and betting enthusiasts around the globe.
Compared to the Tokyo 2020 Summer Olympics, when nearly 97 million Americans were able to place a legal bet, the Paris summer betting season will be open to 164 million Americans, according to data from the American Gaming Association.
This is largely due to legal sports betting’s expansion, with 38 states and the District of Colombia already allowing some form of the activity. Many of these states have authorized online and mobile sports betting, further driving interest up due to the easy accessibility and convenience.
Paris 2024 Summer Olympics May Not Affect Gambling Market Leaders As Strongly as Smaller-Scale Companies
Gaming industry experts foresee an increased interest, particularly in basketball, soccer, and tennis. Furthermore, the schedule of the games is perfect for sportsbooks, considering it is off-season time for major leagues such as the NBA, NHL, and NFL.
However, the increase in betting volume might be less pronounced for market leaders such as FanDuel and DraftKings, which combined, hold a dominating share of the US gambling market. In contrast, smaller-scale companies might see an increase in business.
As reported by NBC New York, Jordan Bender, Senior Equity Research Analyst at Citizens JMP, commented on the impact of the Summer Olympics on companies such as FanDuel and DraftKings. While the event would positively impact business, it would not “be as big as we might think and a lot of it is going to be largely dependent on viewership.”
According to the analyst, most of the revenue will be generated from gamblers, who place wagers regularly on games from the major leagues. Additionally, some US states may not allow wagering on sports events where athletes are younger than 18 years old.
Tim Whitehead, Head of Sportsbook at Rush Street Interactive, commented on factors driving betting engagement up. According to him, patriotism is the key determinant in the Olympics, as “bettors love to back their country’s heroes no matter the event.” That would be the cause for many bettors in the US placing Olympic game wagers also on the countries they come from.
According to a Forbes publication, Paris Olympics: Country Gold Medal Odds, the United States is the favorite for most gold and total medals.
NBC’s streaming platform, Peacock will air every sports event from the Olympics, with sportsbook operators definitely eager to see if the viewing access will drive betting engagement up.
