On July 23, the 2020 Tokyo Summer Olympics finally begins. Although no spectators will be in the stands, the Olympics will happen. Olympic betting can lead to big time wins or big time losses. 

Too many events with odds on too many participants requires us to think of an overall strategy. Olympic handicappers don’t have the time to sift through mounds of information for every event. With that in mind, we’ve put together a strategy that should serve you well during the Summer Games. Sticking to this strategy may not lead to a lot of cashed tickets, but these rules should help you manage your bankroll and cut major losses. With all that in mind, let’s jump right into action so you can plan your bets against their Olympics odds.

How to Make Money on Olympic Events

2020 Tokyo Summer Olympics

• When: July 23 – August 8

Never back an Olympic chalk

It’s almost never a good idea to go with the chalk. Sure, sometimes it makes sense, but only if the odds justify it. Often, the odds never justify backing the favorite.

Just like when handicapping anything, football, baseball, horse racing, it’s important to think value above all else. Take, as an example, the USA Men’s Basketball Team.

The odds on the United States to win gold is -1000. But the U.S. has lost 2-of-3 tune-up games. Yes, America dusted Argentina in their final tune-up, but they lost to Australia, the third-choice on the board.

So even though the United States should win gold, Australia is the better play at +1800 than the U.S. is at -1000. 

Stick with sports you know

MyBookie will help you to stick to the sports you know. Wrestling, basketball, gymnastics, track and field, those are the Olympic sports everyone knows.

It’s doubtful MyBookie offers options on things like curling. However, if they do, don’t bother with finding the curling gold medal winner unless you’re a big time curling fan.  

Never forget that U.S. media often favors U.S. athletes

The United States’ media only concentrates on U.S. athletes. Too many athletes in too many sports makes it impossible to write about athletes from other nations. 

Keep that in mind when handicapping. Also keep in mind your personal biases. If you are an American citizen, you’re likely to favor American athletes without even knowing it. It’s natural to read about a U.S. athlete and then think they have a legit shot at gold.

The good news is that the United States is always overplayed in every event and to win the most gold medals. So if you stick with the first rule, not to bet on chalk, you can save money by not backing athletes from the U.S. 

Don’t forget your personal bankroll rules

Whatever bankroll rules you use to bet on the NFL, NBA, and MLB, use to bet on Olympic props. Don’t decide to increase your unit because you believe this is the year Spain wins more gold medals than any other nation.

Taking big shots makes sense. But take big shots on events with fewer options. For example, everyone can agree there are a handful of teams with a legitimate shot to win the 2022 World Cup.

It’s impossible to know everything you must know about every participating nation to have a clear idea of which athletes have real shots at gold, which are upset possibilities, and which have no shot. Also, the 2020 Tokyo Olympics is like no other in history. Remember that when you start placing bets.