Bookmakers Expecting Olympics Betting Surge
Hot on the heels of a very successful Euro 2020 tournament for bookmakers, the Olympic games held in Tokyo starts this week, which should provide another boost for operators. A YouGov poll has shown almost one in ten UK adults expect to place a bet during the games.
The delayed Euro 2020 tournament provided a much-needed boost for bookmakers, especially as well-backed England reached the finals. Operators are set for another boost with the start of the Olympics in Tokyo that was also delayed due to the Covid-19 outbreak.
According to a YouGov poll, operators are set for a betting bonanza, with nearly one in ten (9%) stating that they intend to place a bet of some kind when the games start this week.
Younger Brits aged between 18-24 are the group who are most likely to bet, with 15% stating they intend to place at least one bet. 12% of 25-39 year-olds also said they plan to wager on the games.
YouGov polled 1,500 people for the survey, which was performed online and represented a cross-section of the United Kingdom.
With the younger generation more likely to place a bet, it’s no surprise to see that the majority plan to place bets online rather than in person. 75% of those who responded said they intended to use an online operator, with the remaining 25% saying they would be placing them in person at a high street bookmaker.
Just over one in ten (11%) state they don’t intend to use a bookmaker and will instead place casual bets with friends, family or colleagues.
Almost half of those sampled (45%) plan to place money on individual matches or events, while a quarter said they would be betting on a country’s medal count. Less popular are accumulator bets (16%), spread betting (13%) and prop/spot bets (8%).
One in ten (10%) of those who completed the survey said they have already placed a bet or plan to place a futures bet, placing the wager before the tournament begins on Friday.
One of the biggest earners for bookmakers is live betting (also called in-play betting). This survey indicates that the Tokyo Games will be very profitable, with 34% saying they will be placing bets while the action is taking place.
Punters will not be able to place in-play bets on the 100m, the most popular betting market, due to the race only lasting in the region of ten seconds. However, other sports such as football, volleyball and basketball are likely to be popular with punters for in-play betting.
The survey also lists the events that punters are likely to bet on, with track and field (49%), football (49%), boxing (31%), tennis (28%), and gymnastics (20%) being the most popular. Other events they intend to place wagers on include swimming (18%), basketball (15%), cycling (15%), badminton (8%), diving (7%), weightlifting (6%), table tennis (6%) and volleyball or beach volleyball (6%), archery (3%) and baseball (3%).
YouGov also asked respondents what activity they are likely to be doing while the event is on which they have placed bets on. About a third (35%) said they would be on sports betting sites or apps to check odds, place bets or cash out. Over a quarter (27%) said they would be chatting on social media or searching for a player or team’s stats (25%). One in five (20%) said they would be on a gambling site to play games (such as slots or poker), while a similar number (19%) state they are likely to be working while the games are on.
The Tokyo 2021 Olympics Games opening ceremony is on Friday, July 23, at 12 noon UK time. It will be shown live on BBC One.