Sports Betting & the Olympics: Will Wagers Change How We Watch?
- The Winter Olympics, already a spectacle of athletic prowess, are entering a new era – one increasingly influenced by the booming world of sports betting.
- Oregon, which legalized sports betting in 2019, has seen a dramatic surge in its popularity.
- “If anything’s been proven, it’s cricket, table tennis, darts, if you can bet on it, people are interested in it,” observes John Canzano, a sports commentator who has...
The Winter Olympics, already a spectacle of athletic prowess, are entering a new era – one increasingly influenced by the booming world of sports betting. As the opening of the Games in Milano Cortina approaches, experts are observing a shift in how viewers might engage with the events, and raising concerns about the potential impact on the spirit of the competition.
Oregon, which legalized sports betting in , has seen a dramatic surge in its popularity. This trend is expected to extend to the Olympics, with platforms like DraftKings now offering wagers on events ranging from hockey and ice skating to curling. Last month alone, Oregon residents spent $82 million on sports betting through DraftKings, with losses exceeding $11 million, according to the Oregon Lottery.
“If anything’s been proven, it’s cricket, table tennis, darts, if you can bet on it, people are interested in it,” observes John Canzano, a sports commentator who has closely followed the rise of sports betting in the state. He believes this increased engagement will translate into higher viewership for the Winter Games. “This gambling thing is going to drive viewership,” Canzano predicts.
However, the influx of betting isn’t without its critics. Tanner Cooke, an associate professor at Portland State University, warns that an overemphasis on wagering could fundamentally alter the viewing experience. “That reduces the games to be very specific, almost like financial instruments,” Cooke explains. “It could take away from a fan’s viewing experience and make it more stressful.” He suggests the role of the viewer is shifting, moving away from pure enjoyment towards a more active, and potentially anxious, pursuit of financial gain. “The viewer, the fan, has shifted from that of a fan to someone who is almost working if you will, to make money from it,” Cooke says.
This concern isn’t isolated to Oregon. A recent report from Yahoo Sports highlights the broader context of a booming sports betting landscape, including the emergence of U.S. Prediction markets that expand wagering options beyond traditional sportsbooks. The International Olympic Committee (IOC) estimated that around $13 billion was wagered on the Olympics in Paris, a record amount representing a increase from the Tokyo Games and a jump from Rio . This growth underscores the scale of the betting phenomenon and the increasing need for vigilance.
The potential for integrity breaches is a key concern. While no major Olympic betting scandal has yet surfaced, the rapid expansion of legal sports betting – particularly in the U.S. Following the Supreme Court decision that allowed states to legalize it – has prompted the IOC to take extra precautions. The wired.com report notes that entities like the IOC are taking steps to avoid the kinds of gambling and fraud scandals that have plagued professional sports in recent years.
Jeffrey Benson, sports operations manager for Circa, one of the world’s largest sportsbooks, points out that the Olympics, at least in North America, currently represent a smaller betting market compared to events like the Super Bowl and the World Cup. He notes that Circa’s handle on Kentucky Derby weekend exceeds the entire Olympic betting volume. Several factors contribute to this, including time zone differences and the complex structure of Olympic events, with preliminary rounds and medal rounds requiring sportsbooks to adjust lines multiple times.
Despite these challenges, the potential for increased betting activity at the Winter Games is undeniable. Canzano anticipates a rise in wagers, while Cooke and others caution about the risks to both entertainment value and financial well-being. “If you have an addictive personality, and that thing is in your hand, that is a tough position to be in,” Canzano warns. Cooke’s more philosophical question lingers: “Can somebody just enjoy it to enjoy it, or is that all lost?”
The intersection of sports, entertainment, and gambling is evolving rapidly. As the Winter Olympics unfold, the world will be watching not only the athletes competing for medals, but also the impact of a growing and increasingly influential betting market on the Games themselves.