With the season ending for many major sporting events such as the NBA and NHL, the 2020 Tokyo Olympic Games have come out as the current favourite sports event to place wagers on. The Tokyo Olympic Games mark a significant milestone for the American sports wagering industry as it is the first Olympic games after an act which barred gambling on sports was overturned by The Supreme Court of the United States back in 2018.
Since the 2016 Rio Olympic Games, sports wagering in America has been legalized in 21 states and Washington, D.C.—opening the doors for more sports wagering fans than ever before. Statista reports that the revenue generated from sports wagering since its legalization in many American states has continued to grow. The report also indicates that despite the COVID-19 pandemic postponing several sporting events till 2021, the sports betting industry generated a significant segment of the U.S. gambling revenue in 2020,—indicating a strong presence of sports betting in the United States.
The 2020 Tokyo Olympic Games is one of the key events that will help generate a strong revenue for America’s sports wagering industry. According to the American Gaming Association, “20.1 million American Adults (8%) plan to wager on the Tokyo Olympics,”—these figures, according to Forbes, are nearly as much as the biggest sports events of the year: the Super Bowl. Due to a lack of sporting events in 2020, it is predicted that sports fans will not only tune in but also place wagers on their favourite sports in 2021.
The Summer Games tend to have higher viewers since they begin at a time where many major sports leagues have ended their season—giving wagerers and sportsbooks a chance to focus on Olympic events. NBC Sports reports that the streaming audience for the opening ceremony saw a rise of 72 percent when compared to the 2016 Summer Games. The popularity of the Tokyo Olympic Games has inspired online sportsbooks such as DraftKings, BetMGM, FanDuel, and PointsBet to offer sports wagerers promotions and a variety of event options to place bets on during the Summer Games.
The Tokyo Olympic Games are not only a win for the players, but also for the regulated online sports wagering industry of the United States which is expecting 43 percent of Americans [of the 20.1 million American Adults planning to place a wager on the Summer Games] to bet on the Tokyo Games through an online platform. The Summer Games can be an event which allows regulated online sportsbooks in America to flourish by attracting and sustaining relations with new players and players who might be acquainted with offshore operators.