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The Paris Olympics are expected to provide sportsbooks with a major boost

U.S. sportsbooks expect the Paris Olympics to be the most bet-on Olympics in the history of legal sports betting.
Caesars Sportsbook’s (NASDAQ:CZR) Chris Pearce said the company expects its sports betting volume to be 8X to 10X the tally it saw during the Tokyo Olympics. “We anticipate U.S. sports betting interest in the games to undoubtedly focus on the basketball court, where some of the NBA’s biggest stars are taking part,” he noted.
A major reason is that sports betting is now legal in 16 more states than during the Tokyo Olympics in 2021. The addition of sports betting in Arizona, Connecticut, Florida, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Nebraska, Ohio, South Dakota, Vermont, Washington, Wisconsin and West Virginia means that 40% of the U.S. adult population could legally bet on the Olympics, according to American Gaming Association spokesman Joe Maloney.
Other factors in the anticipated surge in Olympics sports betting are the high level of interest in the U.S. basketball and soccer teams, as well as the ease of watching many of the Paris events live in comparison to the time difference for Olympics based out of Asia. Some sportsbooks have also highlighted that interest in the more obscure Olympic events is on the rise.
The Paris Olympics arrived during what is typically a slower period for sportsbooks. Major operators are hoping to see a high level of interest in their parlay bets because they typically offer a higher hold rate.
The sports betting sector will see its first major earnings report on August 1 when DraftKings (NASDAQ:DKNG) reports. The Boston-based company’s profit guidance and commentary on the promotional backdrop will be closely watched.
The Roundhill Sports Betting & iGaming ETF (NYSEARCA:BETZ) has poked out a 1.4% year-to-date gain. The top three holdings are Flutter Entertainment (FLUT), DraftKings (DKNG), and Churchill Downs (CHDN).

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