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London is located in a time zone commonly known as Greenwich Mean Time. It is the time zone upon which all other time zones around the globe are based.
In other words, London is centrally located.
This makes London advantageous as a host city because many citizens around the world will not have to significantly alter their schedules to view the Olympic games live on television. Several major cities including Madrid, Paris, Amsterdam, Rome, Berlin, Warsaw, Johannesburg and Cairo are only one hour ahead of London. Additionally, Moscow is only three hours ahead, New Delhi only four, and Beijing is seven hours ahead.
And London's location works to the advantage of the United States as well. New York City, Washington, DC, and the entire eastern seaboard of the United States are only five hours behind London.
What this means is that the citizens of all these cities and more can easily adjust their daily routines to watch the Olympic events of their choosing live as they happen. After all, that is the best way to watch a sporting event, other than seeing it in person.