Sports by Jin Long July 21, 2021
Americans Can Now Bet on the Tokyo Olympic Games
Till 2018, sports betting was only legal in Nevada. But in 2018, a ruling by the US Supreme Court changed the 1992 law banning sports betting. The 2021 Tokyo Olympics will be the first Olympic Games since the 2018 regulation was fully implemented. This means that for the first time in decades, Americans all over the country will be able to place bets on the Olympics.
Americans will also be able to place bets online through their phones. Sixteen states have already introduced fully operational sports betting systems. Nine more states have also legalized sports betting, but it has not yet been implemented in those states.
In some states, sports betting is only restricted to physical retail establishments. But in many states, online sports betting services are accessible to anyone above the age of 21 years. There is a lot of jurisdictional variation in sports betting regulations.
FanDuel and DraftKings are two of the most prominent online sports betting operators at present, working in eight and thirteen states, respectively. Users are allowed to place bets on individual games and individual medal events before the game event starts. But some betting service providers also offer live betting where bettors can place their wagers as the games play out.
In Washington DC, sports betting is only allowed through one lottery app Gambet DC. From July 19th, GambetDC is taking only over-under wagers for the Olympics, where bettors wager on how many medals each country will win. There are a few retail sports betting locations in Washington as well.
Even in ancient times, the Olympics used to attract a lot of attention from sports bettors. But then, for years, there was an attempt to keep the Olympics focused only on athletic excellence. In recent years, however, a more commercial aspect to the games has also been added. Broadcaster for the Olympics NBC Universal has reportedly been able to sell advertisement slots worth $1.25 billion for the Tokyo Olympics.
It is expected that millions of Americans will place their bets on the Olympics. While some will come out winners, the largest section of profit will be accumulated solely by the betting service operators.
Since 2018, sports betting is said to have generated $4.4 billion in the USA, and government bodies have earned nearly $615 million in taxes from this revenue.
It seems absolutely certain now that the Olympic Games will be as much an important event for the competing athletes as it will be for the betting operators and governments who will earn heavily from the games.