Online casino is very common these days and almost everyone knows about it and even tried sometime. But more than this these days what is more popular is sports betting and this is the reason many online casinos have their own sportsbook which allows players to bet on their favourite sports. With the Olympic fever gripping the entire world many casino s are preparing to cash on this big opportunity. Nevada casino sportsbooks will accept bets on the Olympic Games for the first time in 16 years when the Rio Summer Games get underway on Aug 5. This will be first time that any casino will accept bets on Olympic Games and this move has been welcomes by many sports lovers who do not wish to miss any sports action as well as the same time bet on their favourite sport.
This decision was taken in February 2015 when Nevada gaming regulators gave their blessing to Olympic wagering. Olympic wagering though was being allowed until it was revoked in 2001 after Senator John McCain decided that the amateur Olympic athletes were being exploited by someone other than the International Olympic Committee (IOC).
UK sportsbooks have been offering Olympic betting markets for a while now and they also offered it during the 2012 Summer Games in London which performed better than the bookies expected. However overall the books got benefitted because of the intense national interest that come with hosting the event.
In the meantime Nevada books are happy with their new arrangement but at this time nobody expects it to be as great as the Super Bowl type windfall. As per experts who shared their data with the Los Angeles Times that state-wide Olympic betting handle could range from $20m to @30m which at its peak would represent 10% less of what books handled in the month of May.
At the moment the books plan to keep limits low but the Westgate Superbook director Jay Kornegay said that the sharps will still pounce if the books get the lines wrong. He even said that the books will offer “a very selective menu” of betting options.
Westgate Superbook director Jay Kornegay said:
“The average Olympic basketball game will generate handle on par with “a low-tier college game.” Even assuming that the US men’s team qualifies for the final, Kornegay expects handle to be “10%, maybe less” of the average wagered on an NBA final game.
