Rio Olympics Odds Roundup: Value Can Be Found Betting on 2016 Summer Games

Even though the opening ceremony of the 2016 Summer Olympics is set for Friday in Rio de Janeiro, the games are already underway, giving bettors the opportunity to cash in on many wagering opportunities over a multitude of events.

The key to betting on the Summer Olympics is finding value in favorable situations that can turn easy profits.

For example, why risk big money on American Ashton Eaton to win the men’s decathlon as a heavy -900 favorite (bet $900 to win $100) at sportsbooks monitored by Odds Shark when you can get +110 (wager $100 to win $110) on Kenyan David Rudisha to take the men’s 800-meter as the runner to beat?

While Eaton is obviously more of a sure thing according to oddsmakers, you could more than double your money by backing Rudisha in his top event instead.

There are also plenty of chances to win on underdogs if you follow the events closely enough. Does American swimmer Michael Phelps really have a solid shot to win the 200-meter individual medley as the -110 betting favorite over teammate Ryan Lochte, who is the +200 second choice? Or can Lochte break through as the underdog and pull off the upset?

Picking one or two sports to focus on during the Summer Olympics could be the best way to become a winner over the next two weeks before the closing ceremony.

Phelps will be the biggest storyline in Rio, win or lose, because of his past success with a record 22 medals over the past three Olympiads, including 18 gold. And the odds certainly reflect that, although the 31-year-old will face his toughest tests yet this time around.

The same can be said for Jamaican sprinter Usain Bolt, who won gold in the 100-meter and 200-meter plus the 4x100-meter relay in the previous two Olympiads to complete what became known as "the double triple" in 2012. Like Phelps, Bolt and the Jamaicans are favored to win their events again, but it obviously offers more value to fade them.

Going against the favorites may seem like one of the most difficult things to do because of the biased media coverage. Then again, it may also end up being the most profitable. The best way to bet the Olympics is to spread your money around in those sports you choose to specialize in and hope you perform as well as the winning athletes.