The 2024 Summer Olympics have begun and sportsbooks are already taking in plenty of action, with the most common wager being Olympic medal odds for each nation.
The United States opened as the heavy favorite to capture the most golds and total medals once again, with China and Japan rounding out the Top 3.
Take a look at the latest Paris Summer Olympic odds available as the XXXIII Olympiad gets underway.
Most gold medals odds
| Country | Odds |
 USA |
-700 |
 China |
+430 |
 Australia |
+21,000 |
 Japan |
+21,000 |
 France |
+21,000 |
 Great Britain |
+21,000 |
 South Korea |
+42,000 |
Odds as of 8-07-2024.
Although the Summer Games are being held in France, visitors are far more likely to hear the Star-Spangled Banner than la Marseillaise. That's because the US enters the event as the overwhelming favorite to win the most gold medals at -700. The Americans have won the most golds in the history of the Summer Olympics and frankly, it's not even close. Their 1,061 golds are nearly three times more than the Soviet Union, the next closest country on the list.
China made things interesting at the 2020 Olympics in Tokyo, but the US edged them out there as well, finishing with 39 golds to China's 38.
Most medal odds
| Country | Odds |
| USA |
-2,500 |
| China |
+900 |
| Japan |
+5,000 |
| Great Britain |
+5,000 |
| France |
+8,000 |
 Italy |
+20,000 |
 Germany |
+20,000 |
| Australia |
+20,000 |
 Canada |
+30,000 |
Odds as of 7-26-2024.
Few countries do a better job of funding their Olympic training programs than the USA. That, and a population of 333 million, gives America a sizeable advantage over the rest of the world. It's no wonder the USA has won the most medals in every single Summer Games dating back to 1996.
USA Olympic medal odds
| United States medal total | Odds |
| Over 41.5 golds | -115 |
| Under 41.5 golds | -115 |
| Over 120.5 medals | -150 |
| Under 120.5 medals | +115 |
Odds as of 7-26-2024.
There's no shortage of star power on the US Olympic team, but even athletes like Simone Biles and Katie Ledecky will have to take a backseat to the country's men's basketball team. Helmed by LeBron James, Steph Curry, and Kevin Durant, this year's squad is arguably the best iteration of the team since the fabled Dream Team outscored opponents by nearly 44 points per game back in 1992. The US enters the Olympics with -500 odds to capture gold, and even that might be underestimating just how dominant this team may be.
Speaking of dominant, Noah Lyles has his sites set on history at the Summer Games. The supersonic sprinter won gold in the 100- and 200-meter sprints and 4x100 relay at the 2023 World Athletic Championships and is hellbent on coming home with three more medals this August. Don't blink, or you may miss "Nojo18" as he dashes to glory.
Canadian Olympic medal odds
| Canadian medal total | Odds |
| Over 6.5 golds | +110 |
| Under 6.5 golds | -145 |
| Over 22.5 medals | -105 |
| Under 22.5 medals | -125 |
Odds as of 7-26-2024.
The US isn't the only nation with a top-notch hoops squad. Canada also boasts a team brimming with NBA talent led by All-NBA guard Shai Gilgeous-Alexander and NBA champion Jamal Murray. The Canucks won bronze over the US in the FIBA World Cup and enter the Olympics with the second best men's Olympic basketball odds.
Canadians should also feel good about the chances of Penny Oleksiak, who is the country's most decorated Olympian of all-time. The 23-year-old will be looking for medal No. 7 when she swims with Canada's women's relay team in Paris.
Top 5 all-time medal winning countries
| Country | Total Summer Olympic Medals | 2020 Summer Olympic Medals |
| USA |
2,629 | 113 |
 Soviet Union |
1,100 | NA |
| Great Britain |
916 | 64 |
| Germany |
655 | 37 |
| China |
636 | 89 |
How to bet on the Olympic medal odds
Now you know betting odds for Olympics medals, it's time to bet. Let us guide you through how to bet on the Olympics with some basics on reading Olympic odds and tips for making smarter Olympic bets.
Where to bet on the Olympic medal totals
Olympic betting is still quite new, but the once-every-four-years event will surely attract many bettors. Where you bet on the Olympics is just as important as what you bet, and we review the best betting sites available to you.
Olympic betting odds FAQs
The USA is set to dominate in Paris as it comes into the Summer Olympics as a -2,500 favorite to capture the most total medals.
The USA is a massive favorite to win the most gold medals at the 2024 Summer Olympics at -750.
The USA had the most medals at the 2020 Summer Games in Tokyo with 113 medals in total.
America had the most gold medals at the 2020 Summer Games in Tokyo with 39. China finished close behind with 38.
