With NHL players back in the Olympic men’s hockey tournament for the first time since 2014, Canada and the United States have resumed their positions atop the gold medal odds board, and sportsbooks are bracing themselves for a flood of betting handle that could come with the festivities.
Canada is the favorite to win the gold medal at +115, followed closely by the U.S. at +175, per DraftKings odds. Sweden (+650) and Finland (+1000) are within striking distance, with Czechia and Switzerland (both +2500) rounding out the group of reasonable contenders.
Perhaps unsurprisingly, American sportsbooks are reporting an overwhelming amount of handle backing Canada and the U.S. BetMGM and DraftKings report upward of 95% of the combined money backing the two countries, with the Americans only narrowly edging out the Canadians at each. Caesars head of hockey Karry Shreeve noted that “early sharper money” slightly widened Canada’s gap with USA in the odds.
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“Anytime you’re going to get the U.S. with a plus in any sport where the American public believes that this team can win, we’re going to see the most money there,” DraftKings Sportsbook director Johnny Avello told ESPN.
BetMGM trading manager Christian Cipollini said his book would “welcome bets on Sweden, Finland and Czechia,” and those three countries have taken some fliers at the major books. Matthew Rasp, a senior sportsbook trader at BetMGM, noted that Germany (+5000) could also be a team to watch.
Bookmakers are generally expecting massive handle on the Olympic men’s hockey tournament between the return of NHL players and the breakout success of last year’s 4 Nations Face-Off. That NHL-run tournament revitalized hockey betting, and the final between the U.S. and Canada was one of the most-bet hockey games in legal sports betting history.
Shreeve estimates that 60% to 80% of all wagered money for this year’s Winter Olympics could be on hockey, but that storylines could really be key to driving cashflow, whether that’s through Cinderella runs by unexpected teams or classic rivalries.
“It’ll just truly be day-by-day to see if some narratives can’t get formed that really drive the general interest for the public,” he said. “We’re rooting for USA and Canada to progress as far as they can before they meet up.”
The Canadians begin their gold medal quest as -500 money-line favorites over Czechia on Thursday, with the Americans facing off against Latvia shortly thereafter as -2400 favorites.
