Why millions of amateur gamblers will bet on the Tokyo Olympics

Why millions of amateur gamblers will bet on the Tokyo Olympics

Article brief provided by Forbes
  • Will Yakowicz, Forbes
July 24, 2021 10:30 PM
  • Will Yakowicz, Forbes

Seemingly against all odds, including a highly infectious virus, the Tokyo Olympics have begun. And thanks to the proliferation of legal sports betting in the United States…this is the first year that millions of Americans will be able to place bets on the Olympics from their mobile devices. But most of the action will be coming from amateurs betting on the number of gold medals Team USA will collect, or how the women’s basketball team will take first place. Sharp bettors, however, usually don’t give a damn about the Summer Games.

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“Professional gamblers generally stay away from betting on the Olympics as they fail to see a true edge,” says Bill Krackomberger, a veteran sports gambler who has been living in Las Vegas for nearly two decades.