Gambling is the best bet for Olympic success

Research has suggested that sports betting is likely to benefit from the London Olympics, along with other unexpected areas of growth in the UK sports and leisure industry.

Academics are starting to assess some of the economic and social benefits we can expect the games to bring. With so many bookmakers offering free bets and claiming they have the best odds, sports betting has been on the rise for a long time, along with other forms of gambling such as online casinos. However, 2012’s sporting feast looks set to boost this burgeoning sector still further, with a 5% increase in trade expected over the next three years.

It isn’t just sports betting that looks set to gain when the Olympics comes to town; there also looks set to be an increase in the sales of sports clothing, a rise in boating activities and a modest increase in sports participation at a local level. This is being largely accredited to the Olympics ‘effect’ according to Sheffield Hallam University’s Sports Industry Research Centre (SIRC).

So, why are these areas of sports benefiting? For a start, we have seen sports betting become both more acceptable and more popular due to a slight relaxation in gambling laws and also the fact that, thanks to online sports betting sites, it is now possible to bet without setting foot in a bookmakers. With in-play betting, the ability to quickly and easily compare bookmakers to find the best odds, along with the proliferation of free bets has boosted the industry with no sign of the country’s economic woes slowing it down.

Surely it is too early to say that the Olympics is the saviour of the sport’s industry, let alone the gambling industry. So why is sports betting so popular? “Once upon a time, making a bet meant going down to the local William Hill or Ladbrokes shops on the high street.” Matt Bullas, the man behind betting comparison website Chips.co.uk, “Today there are so many betting options, there is something for every type of gambler.”

The internet has certainly removed a lot of the hassle and stigma of going down to the local bookmakers, but can the Olympics really boost an industry that had already doubled in size from 1985 to 2008? “The 2010 World Cup brought in £1 billion in bets in the UK alone,” Matt Bullas reasons, “It isn’t too far-fetched to think that the Olympics could have a similar effect in 2012.”

It seems that as long as free bets and the ability to compare bookmakers are both available, sports betting websites such as Chips.co.uk could boom in 2012. Whether that is what the Olympics are meant to be about is another matter; many will argue that they should be about inspiring our nation’s youth to be healthier and more positive, but in a time when the government is presiding over a faltering economy, any growth is welcome.