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Once every four summers Paddy Power players have access to thousands of Olympics odds – and they work exactly the same way as any other sport.
If you’re new to sports betting and the Olympics is your thing then this guide will help you understand the odds and get started with confidence.
Olympics betting odds go live at Paddy Power in the months leading up to the Games and will fluctuate both before and during events, until the medals are finally won.
Read on to discover how to read Olympics odds, what forces the odds to change, and the most popular bet options for punters heading into the Games.
Oh, and just a side note, this guide focuses on the Summer Olympics but betting on the Winter Olympics is practically the same.
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How to read Olympics odds
Paddy Power gives players the choice between two types of Olympics odds.
Decimal Odds – They show how much money you win back from a successful bet, including your stake. Decimal odds are relative to a £1 bet. So, odds of 8.00 means you’ll win back £8 for every £1 you bet: £7 profit + £1 stake = £8.
Fractional Odds – They show how much profit you make from a successful bet, relative to your stake. The number on the left is profit, and on the right is stake. So, odds of 7/1 means you earn £7 for every £1 staked. If you bet £10 on a Frenchman to win weightlifting gold at odds of 7/1 then you earn £70 profit PLUS your £10 back = £80.
How Olympics odds work
Olympics odds work just like any other sport. They aim to represent the chances of an outcome happening. The lower the chance, the higher your profit will be if the bet does win.
If you’re curious about the mechanisms around Olympics odds then here’s what you need to know:
How prices are set
Olympics odds are set with the help of betting raiders. Paddy Power traders use vast data sources and their own nous to set odds that accurately represent probability in any sport.
For the Olympics, this means delving into the records, form guides, and recent results of many niche sports. For example, a trader will need to assess the sporting landscape in surfing before providing accurate surfing odds.
How odds change
Odds change via a range of manual and automatic mechanisms built into Paddy Power’s data banks. They can shift if a trader chooses to shift them, or if Paddy’s data points indicate a need to tweak the price. Of course, odds also move depending on the weight of bets in the market.
Say, for example, 15,000 bettors all throw £10 on a Canadian outsider to win the women’s 200m final. The Canadian’s odds will drop, while the odds on the favourite will rise. This movement in the odds is all about balancing out probability.
Why odds change
Odds change depending on a varying number of reasons. Traders can manually change odds if, for example, there is news of an athlete suffering an injury that makes their chances of winning a medal less likely.
Odds can also change if a team or athlete hits a streak of form. Their odds may come in if they start winning, or widen if they hit a losing run.
Bookmakers like Paddy Power run sophisticated analysis software to assess probability before and during events, which is why live odds can change in an instance. If a rugby sevens player, for instance, is shown a red card then their team is likely to witness a jump in the match winner odds.
Most popular Olympics odds
Here are some of the most popular Olympics odds you can bet on during the summer Games:
Race winner – Perfect for athletics fans, bet on who will win qualifying races and which athletes will eventually claim gold. Much of the focus is on the 100m finals but there are plenty more races to look at here!
Basketball over/unders – Bet on Olympics basketball and predict whether the total score in games will be above or below a specific mark. The average points scored in Olympics basketball games is much lower than the 228 found in the NBA.
Medals table – Bet on which nation will top the Olympics medals table. These odds fluctuate throughout the Games and it’s usually a battle between USA and China.
GB Medals – Bet on how many medals Great Britain will win at the Games. The nation came fourth in the medals table in Japan with 64 medals in total.
Olympics betting guides
- Olympics Tips: Paddy’s guide to betting on Olympics every four years
- What is Olympics betting and how does it work?
- Olympics Tips: How to bet on swimming
- Olympics Tips: Betting on athletics at the Games
- Olympics Tips: How to bet on rowing
- Olympics Tips: How to bet on the medals table when USA will probably win
THE PADDY POWER GUIDE TO RESPONSIBLE GAMBLING – EVERYTHING YOU NEED TO KNOW