Will Olympics Bring About an Online Betting Bump?

Sportsbooks and daily fantasy operators are reportedly awaiting a bump in Summer Olympics-related betting. As CNBC noted in a report Thursday (July 11), this year’s Paris games will be the first Olympiad since the widespread legalization of gambling in the U.S. The industry anticipates an uptick in betting compared to the last Summer Games in Tokyo, especially for sports […]

The post Will Olympics Bring About an Online Betting Bump? appeared first on PYMNTS.com.

Sportsbooks and daily fantasy operators are reportedly awaiting a bump in Summer Olympics-related betting.

As CNBC noted in a report Thursday (July 11), this year’s Paris games will be the first Olympiad since the widespread legalization of gambling in the U.S. The industry anticipates an uptick in betting compared to the last Summer Games in Tokyo, especially for sports like men’s and women’s basketball, soccer and tennis.

“The Olympics and gambling, for decades, have looked at each other from afar. This year we’ll see them meld together,” Max Bichsel, North America executive vice president at Gambling.com Group, told CNBC.

It could be a good opportunity for sportsbooks, the report notes, as they wait for NFL and NBA games to return. What this means for larger gambling operators such as FanDuel and DraftKings remains to be seen.

“If you want to look at this from an annual perspective for a company like DraftKings or FanDuel, it’s still going to have a relatively minor impact,” said Jordan Bender, a senior equity analyst at Citizens JMP. “Obviously positive, but it’s not going to be as big as we might think and a lot of it is going to be largely dependent on viewership.”

In fact, a spokesperson for FanDuel told CNBC the company doesn’t expect to see an increase in betting tied to the Olympics.

Meanwhile, PYMNTS wrote last month about efforts by luxury brands such as Ralph Lauren and Armani to cement their place in the culture by designing athlete uniforms.

“For these brands, the Olympics offer a unique opportunity. For one thing, there is the unparalleled global reach. Billions tune in, transforming athletes into living billboards,” that report said. “A well-received uniform can catapult a brand onto the world stage, sparking trends and boosting sales.

“The Games also present a chance to foster national pride,” PYMNTS added. “A designer who captures a nation’s essence in their design can capture the imaginations both of their country’s residents and of those on the lookout international fashions.”

But while the Olympics may offer an opportunity for fashion brands and — potentially — online betting services, the games could present a challenge to the cybersecurity world, PYMNTS noted in a separate report in June.

“I would anticipate that the cybersecurity threats targeting the 2024 Olympics in Paris will be diverse, sophisticated, and persistent,” Steven Baer, vice president, field sales and services at cybersecurity firm NetWitness, told security news source Dark Reading.

“I would expect to see cyberattacks aimed at stealing sensitive data, disrupting critical infrastructure, sabotaging operations, extorting money, or spreading propaganda and misinformation” Baer added. “The Games are a prime opportunity for cybercriminals, nation-state actors, hacktivists, and terrorists to exploit the vulnerabilities of a high-profile event with a global audience.”

The post Will Olympics Bring About an Online Betting Bump? appeared first on PYMNTS.com.