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Olympic betting surpasses expectations

The London 2012 Olympics have seen an unprecedented surge in Games betting, according to one online betting firm.

Sports spread betting and fixed odds operators Spreadex have revealed that in the week leading up to London 2012 they had already taken more Olympic bets than they had during the whole of the three previous Games combined.

They put the increased betting levels, which have surpassed their expectations, down to the Games’ location, media hype, and the success of the Great Britain team.

Spreadex spokesman Andy MacKenzie said: “The interest continued throughout the first week with bets flooding in on even the lesser known sports such as handball or water polo and hitting a peak for the men’s 100m final on Sunday night.”

That isn’t to say however that punters have necessarily been backing Team GB, with Spreadex revealing that the majority are actually betting against the hosts.

MacKenzie added: “Many of our clients decided to sell on our initial prediction of 23 gold medals for Team GB before the games and we’ve also seen plenty of continued sells on our updated price of 27.”
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