Nevada sports books welcome Olympics wagering after prohibition era
In the past, when Michael Phelps won gold medals in the Olympics, fans followed along for entertainment purposes only. Now, when Phelps hits the water, it’s possible to support him with a futures wager.
Basketball, golf, soccer, swimming, tennis, track and field, volleyball and much more from this month’s Olympic Games in Rio de Janeiro are posted on betting boards in Nevada sports books after a 15-year drought.
“By the time it’s all said and done, it will be interesting to see how much business we do with this,” William Hill sports book director Nick Bogdanovich said. “I have a feeling it will be quite a bit. I’m excited about it.”
A year ago, when the Nevada Gaming Control Board approved wagering on events sanctioned by the International Olympic Committee, the news barely made waves in the media. The Olympics wagering handle will barely ripple the waters at most books. But within the gaming industry, the loosening of a strict regulation that seemed illogical is being viewed as progress in the big picture.
In 2001, when some politicians pushed for a betting ban on all amateur sports, Nevada outlawed Olympics wagering but lifted prohibitions on college wagering for UNLV and UNR basketball and football games. It was the state’s way of compromising with Sen. John McCain and his Amateur Sports Integrity Act.
Nevada sports books are now in position to compete with the rest of the world in the Olympics, which allow NBA players and professional golfers to compete in the games that the IOC has been accused of making commercialized and corrupt.
“When we go to ask (the NGCB) for things, they have been really receptive,” Wynn Las Vegas sports book director John Avello said. “We are getting a shot to do different things. You want to have the Olympics up. You want to have a full menu. It’s good for us to have everything up.
“The basketball will be entertaining, and people can relate to that. There are some spots that I think will draw interest. Pick your spots what you want to watch and bet.”
Phelps, who has won 22 career Olympic medals, including 18 golds, is set to compete in three individual events for the United States in Rio. He’s the favorite at 6-5 odds to win gold in the 100-meter butterfly.
“This is Phelps’ last go-round,” Bogdanovich said, “and people want to bet if he’ll win.”
Track and field star Usain Bolt of Jamaica is a heavy favorite to win golds in the 100- and 200-meter sprints. He’s one of several well-known athletes who will attract action from the betting public.
Serena Williams is the 6-5 favorite in women’s tennis. Novak Djokovic is the favorite in men’s tennis, ahead of Andy Murray and Rafael Nadal.
William Hill was the first book in Nevada to post odds on the 2016 Olympics, and it offers the most expansive menu with wagering on events including handball, field hockey, rugby, water polo and even race walking.
“Let’s face it, a lot of the events are garbage,” Bogdanovich said. “But I’m surprised with the amount we’ve written so far. Once it’s on TV and people get into the flow of the Olympics, I think it’s going to be good.”
At the Westgate sports book, the proposition total for gold medals won by the U.S. is 41½. China is listed second at 34½.
The USA men’s basketball team, coached by Duke’s Mike Krzyzewski and led by Kevin Durant of the Golden State Warriors, is a huge favorite to roll the competition and win gold (1-20 odds at the Westgate and 1-9 at William Hill.)
Basketball, golf and soccer figure to be the most popular events with wagerers.
Henrik Stenson of Sweden, the British Open winner in July, is the favorite to win men’s golf at 9-2 odds. Rickie Fowler and Bubba Watson, each at 12-1, are the top American players.
The U.S. women’s soccer team is the 6-5 favorite to win gold, with Germany (7-2) and Brazil (6-1) as the top competition.
“Some events draw no money,” Avello said, “and some are really popular.”
It’s possible to participate in the Olympics without traveling to Brazil and risk dealing with crime, mosquitoes and sewage. Betting in a book or on a phone app in Nevada is a safer way to get in on the action.
Contact sports betting reporter Matt Youmans at myoumans@reviewjournal.com or 702-387-2907. Follow on Twitter: @mattyoumans247